FBAA endorses MOGOCheck
The Finance Brokers Association of Australia has endorsed MOGOCheck, an account aggregation program that allows lenders to simplify their credit assessment processes.MOGOCheck will be available through the FBAA website from September for its members to use.MOGOCheck has been in the market since last November. When someone applies for credit, a lender using MOGOCheck sends the applicant a link; the applicant uses the link to provide MOGO with access to their bank accounts so that income can be verified.MOGOCheck encrypts the data so it can't be tampered with and formats it for the lender's loan processing system. MOGOCheck does not have the customer account login, so it cannot have access to the account once it has downloaded the information it needs.FBAA chief executive Peter White said in a media release: "The market has been in need of innovation for some time and MOGOCheck brings technology that can give brokers to ability to quickly, accurately and securely perform loan checks."