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Influence your credit file and maximise your score to get the lowest car finance rates and cheapest car insurance.

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Blog App Digital credit pass-key

Digital credit pass-key

So what’s driverifi and how does it work? It’s all about putting drivers in control of their digital persona. Or in other words its a mobile pass-key that gives them access to car finance, car insurance, mobility services and the car they want to drive.

The past is irrelevant for young drivers and doesn’t even take into account the first year of their driving life from 17 to 18.

Each user of the mobile app gets their own driverifi ID. This is not a credit score (as we have already established that credit scores alone are irrelevant for young drivers). Credit scores are built up over time and reflect what happened in the past, not the present. So if you rent your home or don’t use credit cards, lenders may consider you a higher risk and they’re likely to charge you higher finance rates or not approve you at all.

Yes it makes sense to get on the electoral roll when you turn 18 but it clearly doesn’t make sense to suggest you take out other loans and credit cards to boost your credit score before you can then take out a car loan. Who’s great idea was that? Conventional credit scoring systems don’t work for young drivers. Instead, driverifi uses financial behaviour to measure creditworthiness driven by real, live data and is as simple as signing into your mobile banking app (working with all key UK banks). Driverifi utilises open banking to put young drivers in control of their own financial data and provides them with an easier and faster way to verify income and demonstrate creditworthiness – all with one touch of their mobile app.