By Aisling Finn on Tuesday 17 November 2020
Credit Kudos will provide Goodlord with a more holistic view of a customer’s finances to help increase tenant approvals.
Credit referencing and open banking fintech Credit Kudos has partnered with proptech Goodlord to improve the rental process for agents, landlords and tenants.
Credit Kudos will smooth out the process of renting by providing Goodlord with a more accurate picture of a prospective tenant’s financial situation.
Through the partnership, prospective renters will be able to show their income and expenditure, to give a clear picture of their overall creditworthiness, without the need for outdated systems of approval such as providing a letting agent with bank statements.
Freddy Kelly, co-founder and CEO of Credit Kudos, said: “Individuals who may have struggled under the traditional credit reporting system can now benefit from the additional insights available through Open Banking.”
“In addition, having a more detailed picture of an individual’s finances enables agents and landlords to better understand creditworthiness and assess affordability more quickly and accurately. This does not only help make the renting process more secure and faster but also fairer.”
Unlike other credit referencing agencies, Credit Kudos uses open banking to take a more holistic approach to assessing affordability and creditworthiness.
Tom Mundy, COO of Goodlord: “Open Banking makes it easier for more tenants to prove their financial health, regardless of whether they have a thin credit profile or aren't earning a fixed income each month, making renting a home easier for tenants and their letting agents.”
The partnership will help customers who may have difficulty building a credit file, perhaps because of gaps in their address history, frequently moving or the absence of credit, such as a mortgage.
Credit Kudos has had a busy 2020, starting the year with a high-profile £5m Series A funding round joined by a number of well-known angel investors including LendInvest’s Christian Faes and ComplyAdvantage’s Charlie Delingpole.