Who gets why and how much credit in order to be able to build a house or buy an apartment? This has become a major point of contention due to the stricter regulations for the granting of loans by banks (KIM Regulation) since August 2022. Austria’s banks have even committed to helping young families with temporary interest subsidies. In Vorarlberg, a bank customer even sued his bank because he didn’t get a loan.
At this point, the former Viennese startup Fincredible, which has long been majority owned by KSV1870, is coming around the corner with a new service. With the “AccountCheck” there are now automated credit checks precisely for the infamous KIM regulation. With just one click, a precise household bill can be created, which then enables an accurate assessment of creditworthiness and debt service ratio. This helps to avoid misjudgments and minimize the risk for banks and customers, says Fincredible.
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Integration possible via API
The KontoCheck is not aimed at end consumers, but primarily at the banks. They could integrate the new service into their own online services via API in order to then offer customers the opportunity to check their creditworthiness for a real estate loan with simple clicks. “AccountCheck”, as the name suggests, gets the necessary data directly from the bank account – i.e. an open banking solution for home loans. This means that someone who wants a loan allows access to their bank account so that Fincredible can get the necessary data to calculate the creditworthiness.
“Many institutions rely on manual processes, which, as previously mentioned, can lead to errors and inaccuracies. This not only increases the risk for the banks, but can also be disadvantageous for the borrower if his creditworthiness is incorrectly assessed,” says Fincredible. The company has already integrated the KontoCheck in a different form into a variety of services. At Refurbed, for example, KontoCheck was integrated into the “Easy” subscription service for a while, but this was discontinued.
Fincredible: KSV1870 takes over majority stake in credit rating startup
2023-10-06 05:55:52
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