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News from Nova Credit: Former Amex Chief Backs Immigrant Credit Score Provider

Chenault’s General Catalyst funds Nova Credit to help new arrivals in US get credit The former American Express chief Ken Chenault is backing a start-up company that provides credit scores for immigrants who struggle to rent apartments and access other basic services upon their arrival in the US.  Workers on overseas postings, international students and other newcomers have long struggled ... Read More »

Equifax Helps Move the Mortgage Industry Closer to Digital with The Work Number® Indicator

Can reduce lending friction for consumers and lenders with income and employment information available early in the process As the mortgage industry evolves to become more consumer oriented, lenders and borrowers alike are seeking to gain operational efficiencies through quicker, paperless processes similar to the digital experiences many retailers offer. To support these initiatives, Equifax Inc. (NYSE: EFX), a global information solutions ... Read More »

FICO Awarded Seven New Patents for Analytic Innovations in Fraud Detection and AI

Highlights: FICO has been awarded seven new patents for fraud detection, AI and analytics Three of the patents granted are related to the FICO® Falcon® Platform, the world’s leading payment fraud system FICO continues to drive innovation across its solutions; it currently holds 188 US and foreign patents FICO has been awarded seven new patents related to fraud, artificial intelligence (AI), and advanced analytics. In total, ... Read More »

MyCreditChain Helps Consumers Benefit from Sharing their Personal Information

Who is MyCreditChain?  Where is the company registered?  Who are the investors?  What we do not like in this industry is the lack of transparency, in particular companies which are shrouded in anonymity and management who have never run such enterprise before. Out of the blue comes MyCreditChain which aims to revolutionize the process in how personal information is gathered ... Read More »

Leadership Change at ACCIS

At the 2018 Annual Membership Meeting (June 7-8, 2018), which was held in Stockholm, Sweden, Enrico Lodi, Managing Director at CRIF, was elected President of ACCIS at the Enrico replaces Neil Munroe, who had served ACCIS for over 11 years as a member of the previous Executive Committee and more recently as a member of the new Management Board. “Neil ... Read More »

CRIF Selected to Develop a Credit Bureau Platform in Uzbekistan

CRIF has announced that it has signed a strategic partnership agreement with the Credit Information and Analytical Center (CIAC) to develop a credit bureau in Uzbekistan. This initiative is part of the Financial Infrastructure Project in Uzbekistan implemented within the framework of the World Bank Group–IFC Finance & Markets Global Practice. Under the agreement, CRIF owns 35% of the share ... Read More »

GDPR in Germany: A Letter for Our Industry Members

Just days into GDPR, tech companies already face legal tussles over consent.  However tech companies are not alone as a herd of German lawyers has started to pester SMEs with cease and desist orders.  Leading the pack is Austrian Privacy activist Schrems who filed GDPR Complaints Against Google, Facebook, Instagram and WhatsApp, alleging that they are forcing users to consent ... Read More »

DMG Blockchain Announces Licensing Agreement with JCIS in Japan

DMG Blockchain Solutions Inc., a diversified blockchain and cryptocurrency company, has entered into a licensing agreement with Japan Credit Information Service Co. Ltd. (“JCIS”), a Japanese company engaged in fintech to market and sell DMG’s proprietary blockchain data analytics and forensics software tool – Bitscore into the Japanese market. The parties may in the future enter into a joint venture. ... Read More »

New FICO and Equifax RegTech Solution Can Help Lenders Meet Affordability Requirements

Machine learning FICO analytics can be used by lenders to match offers to risk and ability to pay Highlights: FICO and Equifax have launched the FICO® Risk and Affordability Decision Suite, powered by Equifax®, which uses advanced predictive analytics to assess a consumer’s repayment risk as well as their ability to afford new credit The FICO Risk and Affordability Decision Suite ... Read More »

CIBIL Report on Financial Inclusion:  Just One Third of India’s Credit-Worthy Consumers Tapped by Banks

Even after increased focus on retail lending for a decade, banks and other lending institutions have been able to tap only into a third of the estimated 220 million credit-eligible consumers. This leaves financiers with 150 million consumers who are eligible for credit but are untapped, credit information company TransUnion Cibil said in its report recently.  Of the eligible population ... Read More »

Baihang Credit Scoring Starts Operations

China’s first private credit-scoring company started operations  in the southern city of Shenzhen, and will be able to collect and store personal credit information as well as providing credit reports and credit scores, according to China’s news agency Xinhua. Baihang Credit Scoring was approved by China’s central bank in January and has a registered capital of 1 billion yuan ($156.56 ... Read More »

Central Bank Issues License to Myanmar Credit Bureau Limited

The Central Bank of Myanmar (CBM) has issued a license to Myanmar Credit Bureau Limited, allowing it establish a credit bureau in the country, according to a May 17 CBM announcement.  Myanmar Credit Bureau, a joint venture between the Myanmar Bank Association and Singapore’s Asian Credit Bureau Holdings, will collect information on loan repayment histories and other information on borrowers ... Read More »

Corelogic Announces the Availability of the Industry’s First Non-Weather-Related Risk Solution

Insurance risk quantification through comprehensive structural, appliance, systems and location analysis of non-weather-related risk CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, announced the availability of two products that comprehensively assess non-weather-related water and fire risk. WaterRisk™ and FireRisk™, both products of Location, Inc., are the first to measure frequency of non-weather-related water and fire events and ... Read More »

Cerved Q1 2018 Revenues Up 8.4%

In the first quarter of 2018 the Group’s revenues increased by 8.4%, reaching Euro 105.3 million compared to Euro 97.2 million in the first quarter 2017 (+7.1% on an organic basis). The Credit Information division grew by 1.4% thanks to the positive contribution of both business segments. The Corporate segment grew by 0.5% compared to the first quarter of 2017 ... Read More »

Transparency at Bay:  Reserve Bank of India (RBI) Declines To Share Copies Of PNB Fraud Inspection Reports

The Reserve Bank of India or RBI has declined to share inspection reports for scam-hit Punjab National Bank or PNB, citing Right To Information clauses that bar disclosure of details which may impede the investigation process or prosecution of offenders among other reasons. Replying to an RTI query, the central bank also said it does not have “specific information” on ... Read More »

BIIA Welcomes the National Internet Finance Association (NIFA) as a Member

Established on 25 March 2016, the National Internet Finance Association of China (NIFA) is a national self-regulatory organization in the field of Internet Finance and is initiated by the People’s Bank of China in collaboration with relevant ministries and commissions including the CBRC (China Banking Regulatory Commission), the CSRC (China Securities Regulatory Commission), and the CIRC (China Insurance Regulatory Commission). ... Read More »

Out of the Box: Poland Appears to be First to Put Banking Records on the Blockchain

BIK, the largest credit bureau in CEE, commits to implementing Billon blockchain for storage and secure access to sensitive customer information. Billon, the technology company that has captured blockchain technology, and the Polish Credit Office (Biuro Informacji Kredytowej – BIK), the largest credit bureau in Central and Eastern Europe, will jointly implement blockchain for storage and secure access to highly ... Read More »