Credit Score Monitoring

THE CHALLENGE

  • The client has as a main goal to simplify their research purposes and have system where they can check a potential borrower’s financial history
  • They understood that it is complicated to calculate this manually, so the easiest way to determine creditworthiness was to have a software program that automates it, saving them and their clients a significant amount of time during the application process
  • They also identified various purposes for the built of the app: aid lenders in making swift and precise decisions regarding the acceptance or denial of loan applications, and help determine the interest rates that should be charged. This made it a crucial tool for lenders to evaluate any potential risks of a loan application and allows them to make well-informed decisions
  • At the same time, they wanted to provide users with access to their credit scores, credit reports, and monitoring services

THE SOLUTION & IMPACT

  • Our development team used a complex algorithm that considers several different financial factors. It then uses those results to calculate and present a final number, the credit score. This number will determine whether or not the loan will be granted
  • They used multiple data sources, including payment history, credit utilization, credit mix, length of credit history , new inquiries, employment history, and other financial information to generate the borrower’s score
  • The team also built a feature that offered personalized tips and resources for improving credit scores and maintaining good credit health
  • Main benefits: increased efficiency and accuracy; reduction of bias and human error in credit assessment & ability to process large volumes of data and make faster decisions

Credit Score Monitoring

  • THE CHALLENGE
    • The client has as a main goal to simplify their research purposes and have system where they can check a potential borrower’s financial history
    • They understood that it is complicated to calculate this manually, so the easiest way to determine creditworthiness was to have a software program that automates it, saving them and their clients a significant amount of time during the application process
    • They also identified various purposes for the built of the app: aid lenders in making swift and precise decisions regarding the acceptance or denial of loan applications, and help determine the interest rates that should be charged. This made it a crucial tool for lenders to evaluate any potential risks of a loan application and allows them to make well-informed decisions
    • At the same time, they wanted to provide users with access to their credit scores, credit reports, and monitoring services