About Freedom Finance
Freedom Finance one of the UK’s leading lending platforms has launched the Fusion Score, the first Open Banking enabled score that creates a single metric which interprets a customer’s eligibility based on both credit and transactional data, a first for the lending industry.
The Fusion Score can unlock better rates or a smoother journey for those with established credit histories. For those with lower credit scores or thin credit files the inclusion of their transaction data, via open banking, can help identify and secure a reasonably priced product which ultimately improves their financial health. This is also the case for those that due to circumstances, such as a divorce, find it difficult to obtain credit as the current systems regularly exclude them.
The Fusion Score changes the whole dynamic of applying for credit by bringing open banking technology to the top of a multi-product pre-qualification journey for the first time. As the name suggests, the score itself is a single metric which interprets a customer’s eligibility by harmonising credit data with insights extracted from their consented transaction data. The customer receives a personalised score and a transparent explanation of all the factors driving it; lenders receive an enriched application allowing them to make offers to segments which they previously could not access.
Freedom Finance has partnered with AccountScore to develop the new product.