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As of January 2021, personal and guarantor lenders in the UK can now use open banking as a better way to underwrite and analyse their customers who apply.
With open banking technology, borrowers agree to giving access to their bank statements and transactions during the application process, with the hope that opting in will maximise their chances of approval.
“Open banking is a safe way for you to allow trusted lenders and providers access to your personal financial data,” says David Beard of Lending Expert “Information like your income and spending habits can now be shared with lenders which allows them to make more informed and smarter lending decisions when it comes to applying for credit and loans.”