An introduction to credit scoring
So, what exactly is credit scoring? A credit score is a three-digit number that can determine whether your loan application is accepted. Also, credit scores are used to set the interest rate that you are charged for borrowing. Consequently, you might have to be above a certain score to get services, like a mobile phone…
Read MoreCredit card consolidation: a lower risk alternative?
Consolidation loans are tempting. They help members cut the interest rates they are paying. Monthly repayments can be reduced. The convenience of one combined monthly payment helps people budget better. But they are not without risk. One-off credit card consolidation may be a better option. Consolidation loans can be relatively large. Ideally all creditors need…
Read MoreIntroducing Financial Health Indicators
NestEgg and Central Liverpool Credit Union are one of six finalists in the Affordable Credit Challenge. Together we are building Financial Health Indicators (FHIs) into NestEgg’s decision engine. Covering spending, borrowing and saving, FHIs are shared transparently between borrowers and lenders. We believe FHIs are set to transform credit assessment. A mobile app gives borrowers…
Read MoreThe credit union difference in a fintech world
Financial technology (fintech) is great news for credit unions. Slicker user experience. Automation. Easier payments. Better use of data. These all help the sector grow loan books. But ‘tech for good’ companies are hoovering up potential credit union members. Some are particularly strong on payroll deduction. Credit unions need these schemes. They are an essential…
Read MoreOpen Banking for People and Planet
On Thursday 20th June NestEgg co-hosts a Finance Innovation Lab community event; Open Banking for People and Planet. Kicking off at 7pm, the event’s at the Google Start-up Campus. We’ll look at how Open Banking improves loan decisions and how this can be done at scale. Automated decisions can result in fair outcomes. Decision engines…
Read MoreNEW FEATURE: Improved Lending Analytics
Good data means better loan decisions. With 100s of data points flowing through our software, the potential for credit unions to strategise lending is unprecedented. Because of this we’ve enhanced our lending analytics. Additionally, they’re provided as standard with our Decision Engine. Lenders can take a step back from individual loan decisions and consider the…
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