Vouchsafe and Noggin work together to super charge credit referencing for the real-time era
Chloe Coleman
Vouchsafe is working with Noggin HQ, the newly authorised credit reference agency using banking transaction data to give lenders a fairer, more up-to-date view of financial health.
Noggin recently became an FCA-authorised credit reference agency and raised £2.3m in an oversubscribed seed round led by Blackfinch Ventures.
Its technology categorises transactions to understand how people actually earn, spend and manage their money, rather than relying only on traditional credit data.
Noggin has found that this approach can increase approvals by 15.7%, while reducing the risk of default.
It can also help solve fraud.
According to Cifas, around 30% of credit applications use falsified documents to inflate income or affordability. By identifying income directly from bank transactions, Open Banking removes much of the reliance on documents that can be edited, forged or generated with free or cheap AI tools.
Vouchsafe adds an extra layer of real-time fraud intelligence to the picture.
Combining Noggins’ view of financial health with signals from Vouchsafe’s cross-sector fraud data sharing network promises to provide lenders with a broader picture of the risk behind an application.
The companies will work together on experiments using their joint data, developing predictive models and a risk stack that’s ready for how fraudsters operate today.
Evangeline Atkinson, co-founder and CEO of Noggin HQ, said:
“Credit risk and fraud risk are increasingly hard to separate. Lenders need to know not just whether someone can afford a product, but whether the identity and information behind an application can be trusted.
“Vouchsafe adds a powerful source of real-time intelligence. We’re excited to see what’s possible when we combine that with Noggin’s transaction-level view.”
Chloe Coleman, CEO of Vouchsafe, said:
“We’ve admired Noggin from the beginning. They’re a rare business willing to make big bets and do the hard work to make them happen.”
“Noggin is building a real-time view of financial health, and Vouchsafe is doing the same for fraud risk. Together it’s a fearsome partnership.”
What is Noggin HQ?
Noggin HQ is an FCA-authorised credit reference agency using Open Banking data to help lenders understand consumers’ financial health in real time.
Its cashflow-based credit data can help lenders identify creditworthy people traditional credit systems miss, make better affordability decisions and reduce their reliance on manually supplied documents.
What is Vouchsafe?
Vouchsafe provides one API to trust fearlessly.
For a given set of customer details, we provide a real-time risk score that indicates the likelihood that it is a stolen or made-up identity.
We are able to do this by pooling fraud reports from all the businesses participating in the network, as well as by spotting anomalies indicative of identity theft or completely synthetic identities.
Book a call to find out how Vouchsafe can help your business trust fearlessly.
