45: Freddy Kelly of Credit Kudos – Transparent Financial Health Score

Freddy Kelly is the CEO and cofounder of Credit Kudos, a new kind of credit bureau that uses financial behaviour to measure creditworthiness, harnessing Open Banking. 
Highlights:
Problems of traditional credit scoring which is non consensual
Types of use cases for open banking
Identification problem when someone arrives in a new country
Tackling poverty premium i.e. cost of paying more for being poorer
Having better data and turning into objective measures to predict credit risk
How FCA is looking at competition in credit information market
Why Open banking can be a bad name and winning the trust challenge
The Mum Test and chasing the hard no
Useful links:
Credit Kudos – https://www.creditkudos.com (https://www.creditkudos.com/)
Freddy Kelly’s Linkedin – https://uk.linkedin.com/in/freddykelly
Freddy Kelly’s Twitter – https://twitter.com/fredkelly
The Mum’s Test – http://momtestbook.com/
Time Stamp
[02:30] How Credit Kudos is solving the credit score problems
[04:30] Helping show good risks for thin file customers
[06:00] How to prove you are who you are when you are in a new country
[08:00] Tackling poverty premium and accessibility of credit
[10:30] How is Credit Kudos different
[12:00] New data, credit risk and business models
[13:00] Challenge of getting new banks to use Credit Kudos
[17:00] Lessons from being a founder
[20:00] Having unique insights from what data can do
[21:00] Vision in 10 years
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