Building a Better Credit Score With Credit Bureau 2.0

·3 min read

EDMONTON, AB / ACCESSWIRE / November 30, 2021 / Trust Science is letting lenders approve more borrowers and helping borrowers access more credit by changing the way scores are generated with Credit Bureau 2.0.

Changing the Way Lenders See Credit Scores

There are millions in the US, and even more abroad, whose credit cannot be accurately accessed. Among them are many whose scores don't exist at all, prohibiting them from accessing credit and other financial products. Trust Science is helping build a framework where deserving people can access the credit they need.

Organizations of all kinds rely on credit scores to gauge what kind of credit they can offer an individual. The scores are meant to provide meaningful information about how much debt a person should be able to take on and what the level of risk involved for the lender will be. However, this level of information isn't always deep enough for a meaningful assessment.

Credit Bureau 2.0 is providing a solution to this problem, enabling more accurate and precise assessments for both personal and business transactions. This is enabling lenders to find more trustworthy borrowers and letting borrowers gain access to credit based on information that traditional credit bureaus aren't taking into account.

Implementing the Latest Technologies to Enhance Credit Scores

The team at Trust Science works to develop better solutions through combining skills and knowledge from multiple disciplines. Among the team's expertise, you'll find artificial intelligence, machine learning, credit underwriting, and more. A few of their clients include Wallace, AutoCapital Canada, US Auto, etc.

Credit Bureau 2.0 is a solution that goes beyond the tired metrics that banks and other lenders have relied on for decades. As the knowledge of finance statistics continues to improve and more advanced methods for analyzing those statistics emerge, inherent biases within the current system can be reduced and, ultimately, done away with.

The technology of Credit Bureau 2.0 itself relies on artificial intelligence and machine learning to leverage unstructured data, opening the door to information about borrowers that isn't directly related to their past and existing finances. Lenders access Credit Bureau 2.0 through a cloud service that lets them access fully compliant credit scores for potential borrowers, finding prime borrowers that would have been otherwise categorized as sub-prime.

Providing a Better Outlook for Both Lenders and Borrowers

There are many demographics that traditionally struggle to achieve credit, regardless of how suitable they are for the loan in question. Students fall into this category and are a prime example of how Credit Bureau 2.0 helps. The model takes a wide variety of publicly available data that would have otherwise been ignored, potentially revealing the borrower to be suitable.

When publicly available information isn't available, Credit Bureau 2.0 provides another way for lenders and borrowers to come to an agreement. The borrower can give their consent to have Credit Bureau 2.0's app access their social media, establishing their financial context and modeling a social graph. This can reveal essential insight that could be just what it takes for the borrower to get the credit they're looking for.

Trust Science is the world leader in leveraging this kind of social data to bring reliable access to credit to more borrowers. Their ongoing development of Credit Bureau 2.0 is building a more responsible credit bureau for the future.

About the CEO, Evan Chrapko

Evan started Trust Science with his brother Shane. He is a serial entrepreneur and investor having served as CEO or advisor for numerous innovative start-ups including DocSpace, FloNetworks, and PlateSpin. Evan is a CPA, CA and holds a Juris Doctor (Law Degree) from Columbia University. He is a Henry Crown Fellow and member of YPO and has been named to the Real Leaders Global 100.

Company Name: Trust Science

Contact Person: Evan Chrapko

Address: 10130 - 103 Street, Edmonton, AB, Canada, T5J 3N9

Phone Number: 1 (587) 393-6619

Website Link: https://www.trustscience.com/

SOURCE: Trust Science



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