FriendlyScore writes

Welcome to our blog

Beyond the Credit Score. Open Banking solutions for thin file and other near-prime customers

Credit scores have long been the benchmark for determining whether or not you are eligible for credit. Credit scores also determine the quality of credit you will receive: a higher score generally translates to lower interest rates. Whilst it is easy to determine the eligibility of individuals at either end of the scoring spectrum, there exists a subset of customers in the middle known as “near-prime” for which things are less clear.

Bad Debt Turned Good: How Open Banking Can Assist in Collections and Recoveries

Recovering bad debt has always been a tough ask. Each stage of the process, from tracking down debtors to formulating suitable repayment agreements, has the potential to spiral into a laborious, time-consuming exercise. But some tasks commonly undertaken by collections agents can now have the potential to be streamlined using Open Banking-based technologies, easing the burden for both agent and debtor.

Open Banking: A 2020 Vision

Open Banking recently celebrated its second birthday in the UK. Whilst it has received criticism from some quarters for being slow out of the blocks, it has now gathered more than one million active users, and an increasing number of innovative use cases coming from the FinTech sector could make 2020 the year that Open Banking finally cracks the mainstream.

A New Way Of Approaching Affordability

Affordability assessments for mortgages and small business loans are notoriously lengthy, taking up an unnecessary amount of time for both borrower and lender. FriendlyScore, a London-based FinTech, is employing open banking technology to help lenders dramatically streamline this process.

Open Banking & SMEs: Serving the Underserved

Small and Medium Enterprises (SMEs) account for the vast majority of businesses worldwide and are a crucial driving force behind job creation and economic development. However many SMEs report being underserved, especially when it comes to accessing finance. We investigate how the FinTech sector is working to address such problems.

FriendlyScore Sandbox Bank. What is that?

Open Banking is revolutionising the way we approach finance. By giving individuals unprecedented control over their financial data and who they share it with, Open Banking has led to a greater consumer demand for more innovative services, improved personalisation and a wider choice of products. In turn, providers are looking for ways to meet these needs.

FriendlyScore introduces a powerful new Open Banking solution. Here is everything that you need to know.

On the 14th of September 2019, the company became an Authorised Account Information Service Provider (AISP) after we received our PSD2 licence from the FCA. This now gives us the ability to integrate live Open Banking data into our solution (in territories which have adopted the regulation), and opens up a new universe of personal and business finance analytics based upon the transactional data of individuals.

The different types of loans available

There are two main types of loans – unsecured and secured. Here’s the lowdown on both. Unsecured loans are when you borrow money from the lender and agree to pay it back over a set period. With this type of loan, your belongings aren’t used as part of the application.

Dreaming of a debt-free Christmas?

With huge costs, endless presents to buy and a Christmas gift list that keeps on growing, this time of year can be daunting for those on tight budgets. But with some small changes, you can forget about your money worries, take back control and stop feeling pressured into spending more than you can afford during the festive season.

Should you remortgage to pay off debt?

If you’re struggling with debt, remortgaging could help you pay off existing loans, but it’ll probably cost you a lot more in the long run. Before you do anything, get free, confidential advice from a debt advice service to see where you stand and what your options are.

How and why you should open a savings account

After the Bank of England increased the base rate to 0.75% in August 2018, a number of high-street banks started to increase their savings rates, meaning it’s a better time to open a savings account now than it has been for several years.

How to protect your home in winter and save money

With energy costs always on the up, Britain’s households face a battle to stay warm every winter. But rather than turn your radiators up to the max, here are 8 ways you can stay toasty without shelling out too much.

How to get a loan if you are unemployed

When you want to take out a loan, banks and providers will look at how much you earn and your past borrowing habits to decide how likely you are to meet repayments and pay the loan back. The better your credit score and financial situation, the better loan interest rate you’ll be offered.

The truth behind 0% car finance

If you’re thinking of buying a car, you’ve probably come across 0% finance deals. But what are they and is it all a bit too good to be true? Before signing up for any finance, it’s important to research every deal and make sure you’re equipped with the correct knowledge.

Can I apply for credit if there's a default notice on my credit history?

If you’re struggling to pay off debt, you may have been issued a default notice by a lender. These appear on your credit file and usually happen if you’ve been unable to make your repayments or you’re making them late on a regular basis. Here we look at what you can do if you have a default and what kind of credit you might be able to apply for with one.