High-cost short-term lenders face strict requirements to show that they have acted in the best interest of consumers that are applying for loans. However, the over reliance on Credit Reference Agencies (CRA's) has created severe challenges for lenders such as credit score calculations that encourage debt, inaccurate and outdated credit data, and the selling of this data at an extremely high cost.
Watch the replay below of our Webinar where DirectID Account Director, Richie Pindor, presents a real case study of a high-cost short-term lender that we have worked with to eliminate these pain points using Open Banking.
More info on our solutions can be found here.
Blog published Oct 29, 2019 - Written by
DirectID
