Traditional credit scoring methods, though widely used, exclude a staggering number of individuals globally—approximately 3 billion people—due to insufficient or absent credit histories. Often labeled as "credit invisibles," these individuals face considerable challenges accessing loans and other financial services, emphasizing an urgent need for alternative scoring...
In an era where traditional credit scoring models fall short of accurately assessing the unbanked and underserved populations, alternative data has emerged as a transformative solution. By leveraging non-traditional sources like social media activity, subscription data, marketplace behaviors, and even darknet intelligence, businesses can not only enhance credit risk models...
A 'digital footprint' refers to the vast collection of data individuals leave behind through their online activities—both intentionally and unintentionally. Many people underestimate the extent and detail captured in their digital footprints, yet this information proves incredibly valuable for alternative credit scoring and fraud prevention. Digital footprints...
A social graph is a visual and mathematical model illustrating the interconnections and relationships among individuals within a social network. These graphs reveal personal bonds, group affiliations, and interactions, forming the backbone of today's major social media platforms. Facebook, for example, has famously maintained the world’s largest...
Social media accounts have become an invaluable tool in alternative credit scoring, offering deep insights into individuals' backgrounds and behaviors. By examining social media activity, lenders can quickly access detailed information such as professional history, current occupation, residential location, travel patterns, social connections, marital status, and more. Why Use...
At its core, credit scoring allows financial institutions to evaluate the creditworthiness of individuals and businesses. Traditionally, this assessment occurs during loan applications and relies heavily on data sourced from credit bureaus and application forms. Traditional credit scoring typically examines several key financial indicators: * Proof of Income: Verification through income...
Traditional credit scoring methods, though widely used, exclude a staggering number of individuals globally—approximately 3 billion people—due to insufficient or absent credit histories. Often labeled as "credit invisibles," these individuals face considerable challenges accessing loans and other financial services, emphasizing an urgent need for alternative scoring...
Scoreplex has signed a Memorandum of Understanding (MoU) with HES FinTech, developing lending automation processing systems that provide cost-efficiency and drive fast operations for financial service companies. This collaboration represents a significant advancement in utilizing HES FinTech's AI-driven credit decisioning capabilities alongside Scoreplex’s expertise in alternative data...
