Mumbai-based financial technology startup CreditVidya has developed a mobile application, TrustScore, which determines a person’s credit worthiness based on social media presence.
“Our machine learning algorithms combine traditional scoring model with customer’s digital footprints such as their Facebook and LinkedIn profile, e-commerce purchases, financial transactions, education and employment history to provide a fast and accurate credit assessment for new to credit and thin file customers,” said CreditVidya CEO Abhishek Agarwal, who previously worked as head of products and data strategy at Experian India of the Experian Group.
According to World Bank data, only 22% of Indian adults are covered by the credit bureau, which means the remaining do not have a credit history, and hence, do not have access to loans. “TrustScore will be a financial inclusion point for new-to-credit and thin-file customers,” said Rajiv Raj, the other cofounder and director of Credit-Vidya. Raj had played an important role in setting up India’s first credit bureau, CIBIL (Credit Information Bureau of India Limited).
Source: The Times of India
