Consumer Credit Information

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 »

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 »

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 »

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 »

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 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 »

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 »

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 »

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 »

Reserve Bank of Fiji Issues License to Open a new Credit Bureau – Announces Launch of CIRA In April 2016 the Fiji credit bureau was closed by government fiat without prior public consultation. The lending community was perplexed – BIIA covered the story stating that lending to individuals and businesses was likely to be impaired. The recent announcement of the ... Read More »

Bangalore-based RentoMojo, which runs an online rental marketplace for furniture, home appliances and bikes, is using machine learning to analyze the credit profiles of its customers.  It also uses predictive analysis for stock or inventory management. The company, which recently allowed users to own its rental products, considers itself more as a fintech lending startup than a direct e/commerce company. ... Read More »

China’s central bank, the People’s Bank of China (PBOC), has confirmed it has received an application from Experian, the British provider of consumer and business credit reporting, which wants to offer corporate credit information within China.  “We have received the application and will take on the registration according to the law,” a spokesperson for the central bank, which is also ... Read More »

Harshala Chandorkar, COO at TransUnion Cibil, recently spoke to the Economic Times of India about how Cibil keeps the financial system well-oiled.  Here are the edited excerpts from the interview: Credit information bureaus are the silent operators in the financial system. They help lenders make money by avoiding giving money to borrowers without good credentials Bankers say that retail is ... Read More »

Experian has been hit with a proposed nationwide class action in California accusing it of mistakenly reporting that consumers were on a government watchlist of security threats and not helping consumers correct the mistakes. Los Angeles resident filed the lawsuit in Santa Ana federal court on Friday, alleging that he was denied a car loan after Experian incorrectly reported that ... Read More »

Experian plc issued its financial report for the 4th quarter and year ended 31 March 2018. A strong finish to the year. Q4 total revenue growth of 12% and Q4 organic revenue growth of 8%. North America Consumer Services returned to growth in Q4 and UK trends continued to improve. Full Year 2018: Good progress, with momentum in B2B* and ... Read More »

UOB and PINTEC join forces to make it smarter and faster for companies to extend credit with next-generation digital credit assessment solution United Overseas Bank Limited (UOB) and Pintec Technology Holdings Limited (PINTEC) announced the launch of their joint venture, Avatec.ai (S) Pte Ltd (Avatec). Avatec aims to help banks and finance companies to be more efficient and more accurate ... Read More »