Partnering with real-time credit bureau Infact, Curve broadens credit availability
UK's Credit Information Market Set for Modernization with Infact and Curve Partnership
The UK's credit information market is set to undergo a significant transformation, as UK-based real-time credit bureau Infact has partnered with digital wallet Curve. This collaboration, aimed at modernizing the market, asserts Infact's CEO Will Mason, is a "vital step forward" in the process.
The partnership between Infact and Curve targets the modernization of credit reporting, with a focus on fairness and accuracy. Infact aims to offer credit referencing that is inclusive, fair, and built with consumer context. This approach will provide lenders with instant, accurate, and comprehensive credit information through a single API.
The partnership comes at a crucial time, as Infact estimates that over 20 million Britons are financially vulnerable. Errors in credit files can lead to declined applications, potentially driving consumers towards unregulated lenders. In the worst-case scenario, these errors can have severe consequences for individuals.
Curve customers' credit files will be updated instantly through Infact's 'Reporting API'. This real-time reporting is a significant benefit for Curve customers, according to Curve's CEO, Shachar Bialick. Bialick, an Israeli entrepreneur known for founding the fintech company Payoneer, stated that this ability is a signal of institutional change in expanding access to credit.
The partnership between Infact and Curve is not just a step towards modernizing the UK's credit information market, but also towards setting a new industry standard. Bialick emphasized that this collaboration is a move towards fairer and more accurate credit reporting, setting a new standard for the industry.
The Open Banking Expo UK & Europe, taking place at the Business Design Centre in London on 21-22 October, will provide an ideal platform for discussing and exploring the implications of this partnership and the modernization of the UK's credit information market.
One-third of consumers have identified errors in their credit files, highlighting the need for more accurate and timely credit reporting. The Infact-Curve partnership aims to address this issue, ensuring that the UK's credit information market is fair, accurate, and modern.
