Could Your Voice Pass a Credit Check?

Posted by Richard Catlin in Credit Check on 23 May 2019 - Richard is Marketing Director at checkmyfile.

Speech recognition has come a long way in a relatively short period of time and is now a fairly accepted part of everyday life.

Whether it’s asking Alexa whether you’ll need an umbrella today, telling Google to play your ‘waking up’ playlist, or getting your car (“Hey, Mercedes”) to adjust the temperature slightly without moving a finger, the functionality of voice technology is expanding all the time.

Your voice as a security check

Uses for voice recognition aren’t restricted to just trivial or lazy functions though. Many telephone services (including HMRC) now allow you to use voice recognition as part of their security checks, as belief grows that it is harder to fake biometrics than it is to hack personal information.

Because voices, much like fingerprints and retina scans are unique to their owner, new applications are being explored all the time, including ways it might be used to predict behaviour.

"Siri, what's my Credit Score?"

Now, Israeli company Voicesense claims that one of the things its own voice analysis algorithm is able to do is predict how likely someone is to default on a loan. It claims to be ‘in discussions’ with banks over potential uses for the technology, following promising results in testing.

It is highly unlikely that voice analysis would ever be used as a sole means of determining a credit application, but it isn’t beyond the realms of possibility that it could play a part in supplementing traditional credit scoring in the future.

One of the reasons credit scoring has proved so reliable as a means of predicting Creditworthiness for such a sustained amount of time is that the foundation for decision making is in how you’ve managed similar agreements in the past. That has consistently been proven to be a strong indicator of future behaviour and crucially, can’t be manipulated.

That last point is where another frequently touted alternative method of assessment, social scoring, falls down far too easily.

If you know what a potential lender is looking for (in terms of things like who you are linked to, the sort of language you use and how you use social media) it’s not difficult to behave in a certain way that gives no real indication of what you’d really be like as a borrower.

Knowing what is held on your Credit Report and how a typical lender is likely to interpret it is an important step in improving your chances of being accepted for credit in the future. It’ll allow you to verify that everything is correct, check that you’re doing everything you should (such as being on the Electoral Roll) and see when information is due to be automatically removed.

There are four Credit Reference Agencies in the UK, and checkmyfile is the only place you can see your payment history as reported by Equifax, Experian and TransUnion together in the same format. It’s the most detailed Credit Report in the UK, and also has the top rated customer service of any Credit Report provider on independent review site Trustpilot.

If you haven’t already, you can try checkmyfile free for 30 days, which you can cancel at any time online or by phone or email. After the 30-day trial, it’s £14.99 a month until cancelled.

Whether or not voice recognition moves from “Ok Google” to “Please can I borrow some money” remains to be seen, but in the meantime, you can give your Credit Rating the recognition it deserves with checkmyfile.

The Reason Why Employers Carry Out Credit Checks

Credit checks are commonplace in the UK these days, playing a major role in events such as applying for a mortgage, car finance and renting a property to name just a few. Less commonly known is that sometimes even a new job can require that you pass a credit check as part of the selection criteria.

Published on 1 Apr 2019 by Sam Griffin

Full Article

Why Insurance Quotes Use Credit Checks

When you go online to get an insurance quote (be it home, car or most other products that involve a monthly premium) you may unknowingly be only a few clicks away from undergoing a credit check. Very often you won’t even see a specific notification before it happens unless you read through the company’s terms and conditions in their entirety.

Published on 8 Mar 2019 by Jamie Mackenzie Smith

Full Article

Can I Rent With Bad Credit?

The outcome of the credit checks carried out by landlords or letting agents is a pivotal moment in the application process when you go to rent a property, but the actual information they will be looking at is probably a lot less daunting than you might expect.

Published on 14 Aug 2018 by Jamie Mackenzie Smith

Full Article

What’s Worse - Bad Credit History or No Credit History?

Whenever an application for credit is made, a prospective lender is basically looking to ensure (as much as they can) that any money they loan is going to be repaid on time. A key component in their final decision is the applicant's previous history of borrowing and making payments on time. But how does a typical lender view a consumer with little or no credit history, compared to someone with negative information recorded against them?

Published on 21 Jun 2018 by Tom Magor

Full Article

What Landlords, Employers and Lenders See on Your Credit Report

Your credit report is likely to be viewed many times during your life - often at key moments. While you might expect this when you’re about to apply for a mortgage or a car loan, it may also be checked by a prospective landlord or employer, and just like lenders, there are some key pieces of information they’re looking for that can make or break your job application or property rental.

Published on 29 Jan 2018 by Sam Griffin

Full Article

How lenders can change your interest rate even after an account has been opened

Most people are aware that your credit report and rating have a heavy bearing on whether a lender accepts or declines an application, and the rate of interest that comes with the account. However, not everyone knows that credit scoring – in the form of a particular lenders’ appetite for ‘risk’ - can continue to have an impact on your account even after it has been opened.

Published on 24 Jan 2018 by Kiah Phillips

Full Article

6 Things Lenders Don’t Want to See on Your Credit File

We live in a time where credit ratings have an ever-increasing impact on our lives. Mortgages, loans, car finance, phone contracts… almost anything that involves a degree of borrowing is likely to involve your credit report, or rather, the information it contains. A lot of information goes under the microscope during an application and unless you know exactly what you’re looking at, you may not realise which elements could be hurting your rating the most.

Published on 5 Jan 2018 by Beth Jennings

Full Article

No credit is good credit. Think again

Picture this scenario. You go into a mobile phone shop to get the latest release on a contract. At £30 a month, it is well within your affordability, without pushing your monthly income too much. All in hand, you may think.

Published on 4 Apr 2016 by Ben Tumilty

Full Article

How to go all 007 and get yourself an Aston Martin

Spectre, the 24th Bond film, is released in November and is sure to feature a string of vehicles that will have cinema goers gazing longingly.

Published on 17 Sep 2015 by Richard Catlin

Full Article

When information on your credit report is wrong

One of the main benefits of keeping track of your credit file is that you are able to monitor how your accounts are being reported to future lenders. Whether the account information is correct or not, lenders are increasingly relying solely on computers to interpret your credit file and when there is incorrect information, consumers face the potential of being declined for everyone’s least favourite reason – computer says ‘no’.

Published on 17 Nov 2014 by George Coburn

Full Article
keyboard_arrow_left

keyboard_arrow_right

We are rated number 1 for customer service on