Creditworthiness assessment
A creditworthiness assessment judges the risk that a borrower will not repay, combining credit risk (likelihood of default) with affordability (whether repayments are sustainable). UK rules require lenders to assess both before agreeing most regulated credit.
Credit risk draws on credit reference data, past behaviour and scores. Affordability draws on verified income and outgoings. A borrower can pass one and fail the other, which is why both must be assessed proportionately to the amount and type of credit.
The assessment must be the lender's own and based on sufficient information, not simply the customer's say-so.
Credit Canary builds creditworthiness assessment into one platform for UK lenders, with the data and decisioning behind it.
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