MoneySuperMarket and Capital One UK help thin file customers access credit

Source: Capital One UK

MoneySuperMarket has announced the launch of a new, exclusive eligibility journey, in partnership with Capital One UK, designed to help people with limited credit history get access to credit and build their credit profile*.

The new journey is available through MoneySuperMarket and is aimed at customers who are currently underserved by the credit card market – including those with a thin credit file. These customers may be unable to access credit cards, despite having a stable income or employment.

Through MoneySuperMarket’s credit card eligibility journey, customers who are not eligible for mass-market credit cards may be shown the credit builder card as an alternative option. Eligible customers will then complete Capital One UK’s Open Banking journey, facilitated by D•One, allowing for a more detailed assessment of creditworthiness. This helps give customers a greater likelihood of pre-approval, while supporting responsible lending.

By using Open Banking data, the partnership helps better understand customers’ financial circumstances, rather than relying solely on traditional credit history.

Clare Dyson, senior commercial manager at MoneySuperMarket, said: “People can be locked out of the credit market because they don’t have a long or traditional credit history. This exclusive partnership with Capital One UK is designed to help address that gap.

“By using Open Banking and more tailored eligibility checks, we can help customers who are often overlooked see whether they could be eligible for a credit card created to help them build or rebuild their credit profile. It’s a practical step towards making access to credit fairer and more inclusive, though acceptance and terms will depend on individual circumstances.”

Paul Brown, head of customer acquisition at Capital One UK, said: “We’re committed to offering products that help people access mainstream financial services and affordable credit. Our use of Open Banking is a great example of how we’re using innovation in the market to reach those who might otherwise have limited options.

“By allowing customers to securely share more information, we hope to say ‘yes’ to even more customers, and therefore help more people to build towards a positive credit history through responsible credit card use.”

Using a credit card responsibly, such as making payments on time and staying within your limit, could help to build your credit score over time. However, activity such as missing payments or going over your credit limit, could harm your score and mean you’re less likely to be offered a credit limit increase.

*The credit card offered to customers who are successful after sharing Open Banking has a 39.9% APR Representative Variable.

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