Organisations
New feature: credit score reasons
Credit score can be hard for borrowers to understand. And it’s a complex three-digit number that can also baffle loan officers. That’s why NestEgg is launching a new feature: credit score reasons. These are shown next to the credit score, in our decision engine. Explaining the factors that might be driving a credit score down,…
Read MoreInternational credit union day 2021
It’s International Credit Union Day. This year’s theme is building financial health for a brighter tomorrow. NestEgg’s reason for being is to help credit unions improve the financial wellbeing of their members. NestEgg does this in six ways. Fairer credit decisioning Financial exclusion manifests itself in particular ways on a credit record. Responsible lenders, set…
Read MoreAutomated decisions you can trust
Getting automated decisions you can trust is a big challenge. If automated decisions are always subject to review, then cost savings aren’t being realised. Loans will take longer to turn around. Consequently, members become dissatisfied. Furthermore, automation needs to ensure applicants get a fair hearing. The latest version of our decision engine delivers a greater…
Read More£100m of loan applications
In July NestEgg hit an important milestone. Our decision engine has reviewed more than £100m of loan applications. Representing just under 80,000 individual borrowers, 60,000 applicants were financially excluded. We estimate these borrowers saved £18m in excess interest that would have otherwise been paid to high cost lenders. We’ve learnt a lot along the way.…
Read MoreFaster growth with easy online applications
Covid-19 has been a catalyst for change. A huge global nudge in the direction of doing things online. Because of this, borrowers expect easy online applications. Get this right and loan books grow. Get this wrong and 58% of people will never use your services again. Worse still, 6 in 10 of 25 – 34…
Read MoreHow to improve affordability assessment
40 credit unions attended our recent training: ‘Affordable or vulnerable’ where we looked at how to improve affordability assessment. We addressed a key challenge: Covid-19 and FCA regulations mean affordability is THE issue for 2021. Get this wrong and arrears increase. Non-compliance may lead to complaints. These may arrive via Claims Management Company looking for…
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