UK financial firms ‘may be lending over £174m a month to at-risk gamblers’

This loan company Abound is looking at people’s spending through open banking before they give them a loan. I’m presuming this will be the future. Basing decisions on credit scores is not the best way apparently.

imo there should be statutory introductory credit products, like basic banking but for credit

this way you can see people introduced to credit and those who manage it poorly can be barred from it

all other credit with an institution should be based off the statutory credit product’s handling. I’m sure there’s kinks in my logic but it seems fairer than an arbitrary score or reliance on earnings that don’t mean anything

Can’t this be manipulated by having one account used “carefully” to game the system or they would be required to have access to all their current accounts via open banking?

Possibly but I imagine they’ll want to see normal or typical usage or they’ll just deny the loan.

My typical spending is with Chase and Lloyds credit card. Wanna see if I occasionally gamble? Check kroo. When applying for a loan in that case I will keep my Kroo away