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Posts Tagged ‘credit ratings’

An AI-Fueled Credit Formula Might Help You Get a Loan

Posted by hkarner - 16. Februar 2017

Date: 15-02-2017
Source: Technology Review

Startup ZestFinance says it has built a machine-learning system that’s smart enough to find new borrowers and keep bias out of its credit analysis.

Credit ratings have long been the key measure of how likely a U.S. consumer is to repay any loan, from mortgages to credit cards. But the factors that FICO and other companies that create credit scores rely on—things like credit history and credit card balances—often depend on having credit already.

In recent years, a crop of startup companies have launched on the premise that borrowers without such histories might still be quite likely to repay, and that their likelihood of doing so could be determined by analyzing large amounts of data, especially  data that has traditionally not been part of the credit evaluation. These companies use algorithms and machine learning to find meaningful patterns in the data, alternative signs that a borrower is a good or bad credit risk. Den Rest des Beitrags lesen »

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