In our ongoing series, our FinTECHTalents FinTech of the week is Aire, a credit insight service on a mission to make credit equitable for everyone. Providing a range of credit risk and affordability insights, Aire drives fairer decision-making across the customer lifecycle for lenders.
Andy Moffat, Business Development Director at Aire, discusses the inherent issues in traditional credit bureaus and how that can impact how the general public gets access to credit.
“The first thing is the credit bureau market in the UK is fantastic and is probably the most advanced in the world. But all the three credit bureaus operate very similarly in that they all rely on performance data from all the lenders, utility companies, telcos to produce a service that they sell back to financial services to help make decisions about consumers. The downside to that is if you don’t have very much credit history or you’re new to the UK or you’re young, you don’t have any history for lenders,” says Moffat.
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Watch Aire on the FinTech Stories Stage at FinTECHTalents 2019 now: