By analysing millions of open banking transactions, AperiScore predicts an applicant’s propensity to repay and generates a score.The vendor cites the case of an unnamed lender which used the data generated to to overturn and approve nine in ten marginal declines from traditional CRA ratings.Ed Adshead-Grant, non-executive director at AperiData comments: “Using real time bank data enables a step change in risk decisioning when compared with traditional scoring approaches. AperiData is effectively moving the world from batch to online, creating a whole new capability within the lending and credit scoring space."The importance of accurate credit scoring is underlined by new research from TotallyMoney which found that somebody with a poor credit score could pay an extra £6,670 in interest charges over 36 months for a £5000 loan, when compared to somebody with an ‘excellent’ credit score.Alastair Douglas, CEO of TotallyMoney reiterates the case for open banking-based credit scores: “Some lenders are now using open banking data instead to make their decisions. This means that if you give them access to your data, they can make a more accurate assessment of your ability to repay the debt. That way, it can be more personalised, and you might even be able to secure a better rate."