Moneyhub, the award winning top 100 global fintech, has been granted permission to provide Credit Information Services by the Financial Conduct Authority (FCA).
The ability to provide Credit Information Services (CIS) is subject to FCA regulation. As a Credit Information Services Provider (CISP) Moneyhub can now obtain and display a user’s credit file information, including credit score, across the Moneyhub platform. This functionality will be rolled out across Moneyhub’s award-winning consumer app and to clients utilising its Open Finance technology.
Moneyhub submitted its application following a comprehensive survey of its users in which over 80% stated they would be interested in understanding their credit score profile as part of their wider financial position, furthering its commitment to driving financial wellness through more informed decision making.
In the FCA’s Credit Information Market Study Interim Report, it found that, despite a high level of awareness of credit information, understanding of the information and its impact was low, which could have detrimental effects on the consumer, surmising: “Poor understanding of credit information, and difficulties in accessing credit files, can lead to consumers acting in ways which unknowingly harm their creditworthiness, potentially affecting their access to credit and its cost.”
Moneyhub’s technology offers a simple solution to connect current accounts, savings, loans, investments, property, automotive and pensions, providing a holistic view of an individual’s finances and financial health. It enables actionable insights through smart nudges and machine learning.
Over 150m people have access to Moneyhub’s technology through their partners such as Aon, Standard Life, Mercer and SEI Investments, or directly through its personal finance app which can be accessed through the App Store, or Google Play.
Dan Scholey, CCO at Moneyhub comments: “We have always been advocates of making it easy for consumers to see their entire financial world in one place, and a fully holistic view must include credit information. Around 69% of UK adults don’t know their current credit score, and this knowledge gap could be leading to uninformed, and potentially harmful financial decisions.
“Knowledge is key in empowering people to take control of and understand their finances. Becoming a CISP is an important step forward in our mission to work with our clients to enhance the lifetime financial wellness of their customers.”