Some time ago I was struck by the fact that a colleague, who had recently moved country for work, was unable to obtain a personal loan. My colleague is an intelligent professional, well qualified, in a secure job and had, previously, been well served by the financial sector.
The issue? He had left his credit history behind and lenders had no way of assessing his financial conscientiousness without knowledge of his previous payment history.
It made me wonder how many people are affected by the traditional scoring system’s reliance on previous credit history.
I went on to learn that there are 3 billion consumers worldwide who do not have access to the financial services they need. This means that lenders miss out on $2 trillion of revenue.
Armed with this information I began my journey to democratize lending and change lenders paradigms, to find a way to enable lenders to look beyond numbers and history, to effectively evaluate their customers.
Working with the ConfirmU team is inspirational, as a group we truly believe that the individual should be valued for and able to achieve their life goals and objectives through financial inclusion.
Our solutions do not rely on credit history so we are able to provide a consumer risk assessment regardless of age, location or history.
Thanks for taking time to visit our site and I hope that we can engage further in our mission to democratize lending.