You should be prepared for anything you hope for consumer credit. However, there are limits to this. Sharing personal data on the Internet is not without consequences. Despite the risks, some people manage to obtain consumer credit this way. Bank registration is one reason.
Think about improving your bank score
Banks set stricter terms for granting consumer credit. Oftentimes, they invite their clients to submit basic supporting documents to get access to the best offers. They allow the lending institution to better understand the family, professional and financial situation of the applicant. Nowadaysbanks often use “score”. We’re talking about some kind of mass coding here.
Each banking institution has its own ways of scoring points. The goal is to identify the right customers. Verifications are done in real time. The whole process is entrusted to computer programs, and algorithms in particular. This is how the bank registration mechanism is done. Bank details are quickly and comprehensively processed.
It is difficult to fake bank statements these days, despite the digitization of some processes. An alternative and legal solution is to improve your bank score. It is quite possible, contrary to popular belief. All you have to do is settle all your debts on time. Defaults as well as the possibility of overdrafts can degrade your bank’s score. Your rating would definitely be better if you already had savings before you applied your consumer credit.
Sharing bank IDs with a third party, is it risk free?
The solvency of a person is generally analyzed by bank assessment. Thus, all your transaction data over a given year will be subject to a detailed scrutiny. Of course, your final rating will not always be the same, especially if you change banks.
Thanks to registration, you no longer have to provide your bank details every time you get consumer credit. By directly connecting to the online banking space, a lending institution can give you a rating. Among the required computer channels, there is in particular an API (Application Programming Interface).
It is safe to share your bank credentials with a third party. As a precaution, it is essential to ensure that it is a specialized and accredited actor by the ACPR, the financial sector police. If necessary, the analyzed data can be used for recording purposes. Positively or negatively, the lending institution will maintain the final rating as part of the consumer credit application file.