Credit Report for Consumers – Experian Singapore
Your Experian Credit Report shows your financial behaviour from the last 12 months. It includes information like whether you pay your bills on time, and how much money you owe. Companies may use this data to help them decide whether to give you credit.
But they are not the only ones who can benefit: you can use your report too. Understanding your report may help you improve your score, which could mean better credit offers for you. Your credit score helps companies decide whether to give you credit. It is based on your personal data, though each company may calculate it slightly differently.
The higher your score, the better your chances of getting credit. A good rating can help you borrow larger amounts or pay less interest. Your score is a gateway to getting the credit you want, so it is smart to know more about it.
Understanding credit scores and why they matter
Understanding credit scores:
- Credit Bureau Singapore (CBS) collects and aggregates information to provide borrowers’ total credit risk profile to financial institutions.
- Financial institutions refer to your credit report to determine their willingness to lend to you and the price at which they will lend to you.
- Your account repayment history is kept on a 12- month rolling basis, for your credit score calculation. So it is possible to improve your score for the future.
Examining your credit rating with credit bureau Singapore
Did you know that your credit payment history is “on the record” and affects how financial institutions like banks regard you as a borrower? This may sound scary. But it is a fact of life in almost every country with a developed financial system. So, instead of freaking out, understand how the system works, and stay in its “good books”, so you can get access to loans at the best rates.
In Singapore, the heart of this system is an organisation called Credit Bureau Singapore (CBS), which collects and aggregates information from participating members, which range from banks to finance companies to credit card companies, to provide a total credit risk profile of borrowers to financial institutions.
This profile informs financial institutions of your credit risk and is at the core of their willingness to lend to you and determines the price at which they will lend to you.
How does your behaviour affect your credit rating?
At the heart of CBS’ service is the “credit score”, which rates you on your financial activities – giving lenders an understanding of your ability to service loans and your risk of defaulting on your loans.
The factors that determine your score are:
- Amount of credit used – The more debt you take on, the lower your score.
- Applications for new credit – If you have been taking on new credit facilities (i.e. more debt) within a short period of time, financial institutions may suspect you are over-extending yourself. This could lower your credit score.
- Late payments on loans – Also known as “delinquency”. These are regarded as negatives, which will drag down your credit score.
- The length of your credit history
- Available credit – This refers to the number of credit facilities you have. Your credit score can be lowered if you have multiple lines of credit and credit cards.
- The number of your credit applications and banks’ inquiries into your credit score– Every time you apply for a new loan or a credit card, the financial institution involved will inquire into your credit score with CBS. This is then noted by CBS and shared with other financial institutions. Your credit score may be negatively affected if you have made many such applications within a short space of time, as it will signal that you are looking to take on more debt.
What is your credit score?
Your credit behaviour as outlined above is aggregated into a score between 1,000 and 2,000. Those on the lowest end of the scale, that is 1,000 points, are flagged as having the highest risk of defaulting on a payment. They are rated HH. Those at the highest end of the score range, at 2,000 points, are perceived to have the lowest risk. And they would enjoy the best credit rating of AA.
Lenders will use the credit score as one factor in their lending decisions. Other factors may include your annual salary, length of employment and bankruptcy or litigation information. Your credit score may also influence whether the lender will extend loans to you at the lowest rates offered to the borrowers with the best credit rating.
Your account repayment history is kept on a 12-month rolling basis, for your credit score calculation. So, it is possible to rebuild your account repayment record within 12 months if you are on time with all your payments.
However, inquiries by financial institutions for your credit report will be retained for 2 years. Default records with the status of “negotiated” or “full settlement” will be displayed for 3 years. Default records with status of outstanding, partial payment and “sold off” will be displayed indefinitely.
What happens if your debt spirals out of control?
This is why it is important to keep tabs on your debt situation and stay in control. If you are in default of debt exceeding $15,000, your creditor (lender) can take bankruptcy proceedings against you. If you are declared bankrupt, all your assets (except for protected assets such as your HDB flat and CPF monies) will be sold, with proceeds going towards settling your debts.
If you are employed, you have to make a monthly contribution to the “bankruptcy estate”—towards paying down your debts—from your salary. Your record of bankruptcy from the Insolvency and Public Trustees Office will remain on your credit report for 5 years after you have been discharged from bankruptcy.
Do you know what your credit score is? Most of us don’t have a clue where we stand with lenders. You should check your status. It takes only a few minutes online and costs only $6.42. Alternatively, you can pay $17.12 at SingPost branches for a 2-hour service. If you have recently made an application for a credit card, the processing bank would have made an application for your credit report and may share it with you at no charge.
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How Your Credit Score May Affect Your Future Job Prospects
It is not unbelievable that some students or fresh graduates may not understand the relevance but building a good credit history is as important as achieving good academic results. While academic results help you to land a good job or get into your school or programme of choice, a good credit history may influence your chances of getting your dream job and applying for credit to finance the big-ticket items in life, such as a car or a house.Importance of Having a Good Credit Reputation
A bad credit reputation is usually due to consumers not repaying their debts on time, which results in your credit score dropping significantly. On the other hand, a good credit reputation is a strong indication of a person’s financial soundness, competence, and capability. Therefore, your credit score may play a role in your approvals or rejections of not only credit applications with banks but could also possibly influence the outcome of your job applications.
Unfortunately, not many job seekers know that a below-average score grade may affect their future job prospects. Companies are increasingly conducting employment checks on prospective hires to minimise any potential cases of theft and embezzlement.
A low credit score may be correlated with irresponsibility and bad financial management
Companies are generally more inclined to hire those who come across as responsible, and your credit report is a clear reflection of whether a person has been responsible and diligent in his or her repayment. A low credit score may be correlated with irresponsibility and bad financial management, which poses a red flag to future hirers. Hence, it is essential to understand that having a good credit reputation may affect us in more ways than imagined.
Recruiters conduct pre-hire employment checks
Another vital consideration for recruiters is the possibility for the potential new hires to misappropriate funds. Illegal activities can take place at any level, not excluding those who are of upper management levels. Hence some companies diligently conduct thorough annual credit checks for all employees to prevent such unfortunate happenings.
Recruiters want to avoid legal liability
Companies may also want to avoid legal liability for negligent hiring. This is especially relevant for banks and financial institutions as they are closely regulated by the Monetary Authority of Singapore (MAS). As part of the Fit-and-Proper guidelines by MAS, they are obligated to do employment checks which include credit checks on pre-hires. Under MAS’s Guidelines on Fit and Proper Criteria, it is stated that be it an institution, exempt financial institution, exempt entity or a fund management company, they must satisfy MAS that “it has in place appropriate recruitment policies, adequate internal control systems and procedures that would reasonably ensure that the persons it employs, authorises or appoints to act on its behalf, in relation to its conduct of the activity regulated under the relevant legislation, meet the relevant fit and proper criteria of these Guidelines”.Tips For Maintaining a Good Credit Reputation
Pay your bills on time and in full
If possible, always pay in full as any outstanding balances will be charged at an averagely of 24% p.a. You may consider repayment via GIRO to ensure payments are not late.
Note: Default records stay on your credit report for three years, while bankruptcy data is retained for five years even after full settlement.
Limit the number of credit cards you own
Cancel any unused cards – It is more manageable to keep track of 2 credit cards than 5. Don’t apply for a few credit facilities in a short span of time – This indicates to creditors that you are desperate for credit and are a risky borrower.
Pay down your debts and consider charging less
Lenders prefer to see more breathing room between the amount of debt reported on your credit cards and your total credit limits. The more debt you pay off, the wider that gap, the better your credit score.Obtaining Your Credit Report
It is crucial to understand your credit report as this will be the same report which employers will receive during background checks.
In a nutshell, having good credit habits and prudent behaviour far outweighs the negative consequences of building or resolving a bad credit rating. It definitely pays off to start building your credit score early!
Brought to our students by Credit Bureau Singapore. Follow Credit Bureau Singapore’s (CBS) Facebook for more of such updates and tips on how to stay credit active!
Credit Report Guide | American Express Singapore
What is a Credit report?
A Credit report is a collection of information held at one or more Credit bureau service providers. Banks and other businesses that lend money, access this information with your consent.
This information is compiled into a single report that helps lenders determine if you are a good financial candidate.
Your Credit report is referred to when you apply for Credit and includes the following information:
- Your identification: name, address, NRIC or passport number or FIN number, date of birth
- Credit history: including Credit accounts and loans with banks, finance companies and others; balances; cash advances; on-time and late payments
- Public records: bankruptcies, court rulings, registered items
- Inquiries: including lenders you’ve recently sought Credit from and your employers
It is a good idea to review your Credit report once a year. If you discover any inaccurate information, it can be corrected or removed by contacting the Credit Bureau directly.
Why is my Credit report important?
Your Credit report is one of your most important financial tools. Understanding your Credit score can help you plan for the future and is a strong indicator of your likelihood of being approved for a Credit Card or loan.
Learn more about Card application >
Who can view your Credit report?
With your consent, your Credit report can be viewed by lenders, and of course, you.
As a responsible lender, American Express reviews Credit reports of our customers on a regular basis. The information reflected on Credit reports is taken into consideration to manage your Account.
How do you establish a Credit rating?
You begin to establish a Credit rating as soon as you apply for your first loan, line of Credit, Credit Card or overdraft facility. From that point on, the way you manage your Accounts will have a positive or negative impact on your Credit rating.
A good Credit rating is necessary in order to apply for Credit in the future. For example, lenders will evaluate your Credit report prior to approving your request for car loans, mortgages, line of Credit and Credit Cards.
Good Credit guidelines
Some things that lenders consider when reviewing your Credit report are:
- Timeliness of bill payments
- Total overdue balances
- Total usage of Credit lines
- Negative public records
To help keep your Credit rating in good standing you should always pay your bills on time. If you are moving, ensure you provide your lenders with your new address and other contact information to avoid late or missed payments.
You should also check your Credit report annually to ensure the accuracy of your information, and you are entitled to do so without charge.
Remember to inform your lender and the Credit Bureau immediately if you notice any inaccurate information in your Credit report.
How to apply for Apple Card
Learn what you need to apply for Apple Card and add it to your devices. And learn what to do if your application is approved or declined.
About Apple Card
Apple Card sets a new level of privacy and security.1 It’s integrated into the Wallet app and designed for iPhone and a healthier financial life. See if you’re eligible.
If you apply online and don’t add Apple Card to an eligible iPhone or iPad that you own, you can only use it to make eligible purchases online and in-store at Apple.2
Apply for Apple Card on your iPhone
- Open the Wallet app and tap the add button .
- Select Apple Card, then tap Continue.
- Complete your application.
- Review and agree to the Apple Card Terms & Conditions.
- Accept your offered credit limit and APR.3
After you accept your offer, Apple Card is added to the Wallet app and you can request a titanium Apple Card.
To apply on your iPad, open the Settings app, scroll down and tap Wallet & Apple Pay, tap Add Card, then select Apple Card.
About your credit score
You can apply for Apple Card without impacting your credit score. If your application is approved and you accept your Apple Card offer, a hard inquiry is made. This may impact your credit score.
About sharing an Apple Card
If you want to share an Apple Card with trusted family members or friends, set up Apple Card Family and invite friends or family to share your account.
If you don’t have an Apple Card, you can apply and if you are approved and accept your offer, you can set up Apple Card Family and invite friends or family.
You can also join a shared Apple Card account by getting an invitation from an account owner to co-own Apple Card. Once you receive the invitation, follow the onscreen instructions.4 You will be prompted to apply for Apple Card.
If your application is approved
You have up to 30 days to accept your offer. If you accept your offer and add Apple Card to your eligible iPhone or iPad, you can:
If your application is declined
See if you’re eligible
- To be eligible to apply for Apple Card, you must be 18 years old or older, depending on where you live.
- You must be a U.S. citizen or a lawful resident with a valid, physical U.S. address that’s not a P.O. Box. You can also use a military address.
- Your device must be compatible with Apple Pay. See which devices are compatible with Apple Pay. Make sure that your device has the latest version of iOS, watchOS, or macOS.
- You must sign in on your device with your Apple ID and use two-factor authentication.
- If you have a freeze on your credit report, you need to temporarily lift the freeze to apply for Apple Card. Learn how to lift your credit freeze.
- You might need to verify your identity with a Driver License or State-issued photo ID.5
- Apple Card is issued by Goldman Sachs Bank USA, Salt Lake City Branch.
- If you apply online, use a supported browser. To access and use all Apple Card features, you need to add Apple Card to an eligible iPhone or iPad that you own with the latest version of iOS or iPadOS. Then, you can manage your Apple Card on your device and make purchases anywhere Mastercard is accepted. If you don’t add Apple Card to an iPhone or iPad that you own, you can only use your Apple Line of Credit for eligible purchases online and in-store at Apple.
- Variable APRs range from 10. 99 percent to 21.99 percent based on creditworthiness. Rates as of April 1, 2020.
- Each co-owner is jointly and individually responsible for all balances on the co-owned Apple Card including amounts due on the existing co-owner’s account before the accounts are merged. Each co-owner will be reported to credit bureaus as an owner on the account. In addition, co-owners will have full visibility into all account activity and each co-owner is responsible for the other co-owner’s instructions or requests. Credit reporting includes positive and negative payment history, credit utilization and additional information. Card usage and payment history may impact each co-owner’s credit score differently because each individual’s credit history will include information that is unique to them. Addition of a new co-owner is subject to credit approval and general eligibility requirements. Learn about Apple Card eligibility requirements. Either co-owner can close the account at any time which may negatively impact your credit and you will still be responsible for paying all balances on the account. Learn about details on account sharing options including some of the risks and benefits.
- If your photo ID won’t scan properly, contact Apple Support.
Information about products not manufactured by Apple, or independent websites not controlled or tested by Apple, is provided without recommendation or endorsement. Apple assumes no responsibility with regard to the selection, performance, or use of third-party websites or products. Apple makes no representations regarding third-party website accuracy or reliability. Contact the vendor for additional information.
Bankruptcy Check Singapore – SG Employee
We all try to avoid hiring the wrong applicant because it’s not only wasteful of our time and effort; it also takes away money we could have spent on other beneficial things.
That’s why at SG Employee, we help you in making sure that you’re picking the best choice from the bunch.
One of the ways to make sure that your company or organisation lands on the right candidate is to conduct a credit check that will determine if they’re fit to handle the job. This is definitely a must if you are seeking to fill a position that’s in charge with finances, assets, and other aspects that involves sensitive information.
What are the benefits of conducting a credit check?
Why do you even need to have a credit check? Is this necessary at all? Of course, you don’t want to spend money on things that won’t bring value to the table, so let’s enumerate its benefits.
Hiring only people you can trust
The most obvious advantage is you’ll be hiring someone who can be trusted. If you’ve been in the business for quite some time now, you know that there are some people out there who can create irreversible damage to you and your company and organisation. As such, you need to take measures in order to prevent this from happening.
Maintaining a safe and secure work environment
Another benefit that we should not ignore is the fact that you are maintaining the safety of your work environment by conducting all the necessary kinds of background check to fully know the candidate before welcoming them to the fold. Take note that as the one in charge of talent acquisition, it is your responsibility to maintain the credibility of your process.
Protecting yourself and your company
Let’s admit it. If someone you hire ends up creating trouble in your company, chances are you’ll be dragged right into it. After all, you’re the one who made the call to hire them. You might have made your decision genuinely believing they’re the one you’re looking for, but when things get ugly, people rarely stop to consider these things. All they see is how you’re involved in the situation. You don’t want that. You can never be too careful.
Maintaining or improving your company’s financial health
When you hire the best candidate for the job, what we can expect to happen next is for them to perform spectacularly; either they’ll maintain your already-healthy financial state or improve it. It’s a win-win for everybody.
Making confident hiring decisions
Our confidence affects everything we do. When we have all the information we need, we eliminate a great deal of uncertainty. This allows us to make a call that’s guided by logic, data, and good judgement. By incorporating credit checks into your hiring process, you’ll be able to make confident decisions, free of doubt and uncertainty.
The Importance of Credit Bureau Report Singapore
What is Credit Bureau Report Singapore (CBS)? How does it affect your business? If you ever have a credit card, a loan or a bill, then you may have heard about credit reports. In the midst of an increasingly advanced financial environment, everyone must understand the definition of a credit report because this is one of the most important documents in your financial life.
A Credit Bureau Report Singapore (CBS) report is a collection of information about how you handle your credit and debit accounts. This report includes information about how much debt you have, how you pay your bills, where you live, where you work, whether you ever filed for bankruptcy or a court ruling, and whether you ever had a house or vehicle taken over.
One credit report may contain a lot of financial information. That is why the annual credit reports can have more than 100 pages.
Credit reports are managed by businesses known as credit bureaus or credit reporting agencies.
Companies that you have any dealings with sending your debt information to the credit bureau which then updates that information in the credit report. Most credit cards and debit accounts will be updated on credit reports every month.
Some businesses do not renew credit reports that match your monthly payments, but they will immediately notify the credit bureau when you are in arrears of payments.
For example, a purchase bill is not automatically included in your credit report but if you are late in paying more than six months, the bill may be listed on your credit report as a debt collection.
CBS reports include basic identity information such as your name, address, and place of work. You should make sure that all the spellings are correct. Sometimes, writing errors on a credit report can cause problems, like an allegation of identity theft.
Your credit report contains detailed information about your credit cards and loans. In a credit card report, balance amount, credit limit, account type, account status, and overall payment history will be listed.
Loan balance, initial loan amount, and payment history will also appear on a credit report. Public records such as bankruptcy, confiscation, repossession, and tax rights are recorded in a separate section of your credit report.
You must check your credit report at least once a year to make sure the information in it is correct. If you suspect you have been a victim of identity theft, you must monitor credit reports more often.
Checking the credit reports can be done in several ways. Among other things, you should be able to check through a website set by the government, through promotional offers, or by buying from a credit bureau.
Some companies or even your colleagues will likely check your credit report before deciding to work together with you. The bank will check your credit bureau report before approving credit card and loan application, including a mortgage or a car loan.
Some employers check credit reports as part of their application process. Your credit report affects many parts of your life so it is important for the information inside it to be accurate and positive.
Your credit report is the only source of information for your credit score, a number that lenders sometimes use to approve your loan application. A credit score is a three-digit number that helps assess credit reports. A high credit score indicates that you have positive information on your credit report while a low credit score indicates negative information.
If you ever dream of having a profitable and growing business company, one of the main things to do is to make sure you have a proper credit report.
1. Quick Loan Approvals
One of the easiest options to get out of a financial crisis is to apply for a loan from a bank or looking for alternative funding options. Unfortunately, not every business that applies to loans is approved. Why? One of the many factors that influence credit approval is the lack of information in the company’s credit report.
Thus, to get fast loan approval for your business, you must try and ensure that your business credit report is well established and positive. The stronger the report, the faster the loan approval!
Psst… You may also be interested in: Working Capital: Guide for SME Owners before Loaning
2. Leasing of Office Space
As someone who runs a business, you may need extra space for expansion. In addition, you may want to completely move your business to a new location. You will obviously rent office space in such situations. However, a bad credit score may ruin your chances.
This is because many landlords have used business credit reports as a consideration. First of all, they will check your business credit score before allowing you in. If you have a solid credit rating for your business, then you will have no trouble leasing the office space.
3. Attract Other Business Investors
When an entrepreneur starts a business, the future of the business is never known. If by good luck, the business is successful, there is a higher chance for other entrepreneurs to come in and form partnerships with you. This may not happen if your business has a low credit score.
On the other hand, due to financial struggles in the business, an entrepreneur may want to sell it off to other investors. A business with a good credit report will be a positive factor that prospective buyers take into consideration. Another scenario is when you want to grow your business. An investor will come to improve your business only after verifying and ensuring that your business has a good credit report.
4. Low-Interest Rates on Loans
Interest rates are one of the fees you payback for taking loans from financial institutions like us. Nowadays, the interest rates paid by business owners depend on the business credit score. If you have a good credit score, you will be eligible to get the lowest interest rate from a bank. This is because a good credit report is a sign that you repay all your debts on time.
Therefore, it is very important for business owners to work hard to improve their business credit score.
Make sure that you pay all bills on time, repay your loans, and monitor your business credit reports regularly to correct any errors that you may find.5. Higher Loan Limits
The bank credit department provides loans to businesses that have strong credit scores and profiles. A good business credit report clearly shows that a business can fulfill its financial obligations.
The better the business credit report, the higher the loan limits that your business can qualify for. This means that you can apply for financing to get access to fresh funds from banks or other financial institutions. Work on your business credit report now and enjoy all these benefits to grow your business to the next level.
We envision a world where business owners have fast and simple access to the funding they need to grow. That’s why we’re on a mission to re-invent banking for SMEs across Southeast Asia.
Our current product provides SME and startup owners in Singapore with financial flexibility through a line of credit of up to S$150k. Which, can also be used to make business payments to enjoy 60 days free credit terms.
With no monthly fees or obligations to withdraw, you only pay interest on the amount you end up using. Opening an account is free and can be done online here.
90,000 How banks monitor customers on the Internet – Real time
Startups develop fintech projects to assess creditworthiness
Law enforcement agencies have long warned about the need for cautious behavior in social networks: you should not report expensive purchases or upload photos from foreign trips. Such information may interest the robbers. However, such data can help you get a loan from a bank or microfinance organization.These structures carefully study all open data of the future client. At the same time, different methods are used – from high technologies to simple tests that make it possible to find out whether the borrower has his own apartment or rented. More details in the material of Realnoe Vremya.
The main thing is not to inherit
To assess the borrower’s solvency, scoring programs are used. They investigate any traces people leave on the internet. For example, by typing the applicant’s phone number into a search engine, you can find the ads submitted by him or any other information.Also, the name, surname of the applicant and the city of his residence can be entered into the search engine. As a result, the program can discover any important information about a potential borrower. The passport data must be checked against the FMS database, a request is made on the website of the bailiffs and the tax service.
Fintech projects are being developed to assess creditworthiness. We can recall the joint project of Mail.ru Group and the credit bureau Equifax for the Russian banking system – a predictive model for assessing credit risks.Mail.ru Group experts, together with Equifax analysts, assessed the retail lending market, identifying high-risk segments that the main players avoid. This project, like its Western counterparts, uses an artificial intelligence system to assess the level of risk of borrowers recognized as undesirable by traditional methods. The effect for financial market participants is the ability to enter new lending segments, get the minimum cost of risk, and increase the approval rate (the level of approval of applications).Mail.ru Group already has customers using the new service, but their names and cost of the service have not been disclosed.
Jan Art: “The database of credit histories for several years shows a real picture of a person’s payment behavior.” Photo by Roman Khasaev
Banks, as more conservative structures, prefer services based on the analysis of credit histories. Many banks use the developments of the National Bureau of Credit Histories (NBCH), for example, the scoring bureau, created jointly with the American company FICO.
“The NBCH has gone far ahead in terms of various assessment mechanisms,” says Yan Art, Vice President of the Association of Regional Banks of Russia. “They use a systematic approach, many methods of assessment and monitoring. Many banks use their developments. The database of credit histories over several years shows a real picture of a person’s payment behavior. ”
Detailed characteristics of the scoring bureau are described on the NBCH website. This tool assesses the “risk of default” of the borrower, that is, the potential for the borrower to meet its obligations to repay the loan, based on the data contained in the credit bureau and reflecting its past behavior.The service is designed for the scoring assessment of borrowers – individuals.
The scoring model of assessment allows to predict non-compliance with the payment obligations of the borrower and to rank borrowers in accordance with the likelihood of their becoming overdue. The borrower’s scoring value is calculated solely on the basis of information contained in the credit history, which is converted into a scoring score ranging from 300 to 850 so that “good” payers are assigned the highest score, and “unfair” ones – the lowest, thereby ranking borrowers in the according to their relative risk.
“Several years ago, an additional element of customer assessment was the study of his profile in social networks. In the West, for several years now, many companies have been actively using information from social networks in cases when it is necessary to assess the creditworthiness of a client. ” Photo saroblnews.ru
“We are all beautiful, successful in social networks – that is, the way we want to appear”
Several years ago, an additional element of customer evaluation was the study of his profile in social networks.In the West, for several years now, many companies have been actively using information from social networks in those cases when it is necessary to assess the creditworthiness of a client. For example, the Lenddo startup, issuing loans, since 2011 began to be guided, among other things, by the analysis of the borrower’s profile in one or several social networks. In 2012, Kreditech (Germany) began issuing small loans based on data from the user’s social networks and after analyzing his purchases on eBay and Amazon.
Banks, however, disown such practice. In “Promsvyazbank” they said that the bank does not analyze information on individuals in social networks. The credit history in the BCH, the client’s personal data is analyzed, and external underwriting is carried out. On legal entities, the bank studies publicly available information on the Internet.
Although the head of the Bank of Tatarstan branch Rushan Sakhbiev in one of his interviews talked about the methods of risk assessment: “Credit history is only one of many elements of risk assessment.For example, how do you pay taxes, housing and communal services? What area do you live in? How long have you worked in this workplace? Up to how often you change your mobile phone number, what are your social profiles on VKontakte, Facebook, etc. ”
Jan Art admits that banks use the method of assessing clients on social networks. True, he refers this technology rather to an element of fashion: “Gref said that after 28 likes, we can find out everything about a person. This is the Russian habit of sticking to one idea and raising it to the absolute.Of course, social media is a useful tool, but you can’t limit yourself to them. We are all beautiful, successful in social networks – that is, what we want to appear. ”
Rushan Sakhbiev: “Credit history is just one of the many elements of risk assessment. For example, how do you pay taxes, housing and communal services? What area do you live in? How long have you been working in this workplace? ” Photo by Oleg Tikhonov
MFOs do not deny that they are browsing pages and posts on the Internet.
– In 2012, the founders of Kreditech realized that the entire huge amount of information available on social networks, online stores, and mobile operators can be used to assess the creditworthiness of a borrower, – says Dmitry Selivanov, General Director of Kreditech Rus … – Initially, the idea of the founders was to create a scoring system and sell their services to banks, b2b business. But the banks were not ready for such changes, so they began to apply the model themselves, issuing short-term and long-term loans.
The Kreditech scoring system analyzes a huge number of data parameters, including from social networks. For example, only one social network Facebook can get several hundred parameters: contacts of a user, his friends, information about classes, etc. Behavioral factors play a very important role, in particular, how the user fills out our questionnaire. But social networks are only a small source of information, in addition to them, other data are used – behavioral data when filling out a questionnaire, information from credit bureaus and other sources (mobile operators, etc.)the data that the user himself indicates in the questionnaire is identified by SNILS, – Dmitry Selivanov notes.
According to Irina Khoroshko, Head of Risk Management at the MoneyMan online lending service, modern fintech companies use several thousand parameters that allow the company to assess the solvency of customers.
When assessing the client’s solvency, MoneyMan uses its own innovative risk assessment model “Scoring 8.0”. The model uses multiple search technologies, data from external sources, for example, data from all BCHs, information about user payments to mobile accounts, behavior on the Internet, including in social networks.Not only the process of filling out a loan application is analyzed, but also from what device it was filled in, how often a person is in roaming, and much more.
Information from social networks is important when deciding whether to issue loans, but this is not the main factor, emphasizes Irina Khoroshko. The main thing for the company is the financial reliability of the client. Social networks are another tool for analyzing the identity of a borrower.
Modern fintech companies use several thousand parameters that allow the company to assess the solvency of customers.Photo smolnews.ru
Secrets of an ideal account
What do lenders pay attention to when studying a client’s profile on social networks?
Several companies, including Singapore-based Lenddo and the US-based Moven and Score Assured, perform keyword searches and analysis. For example, if a person uses the words “booze” or “party” too often, he is not a very reliable borrower, reports the Lifehacker portal. Hello Soda has gone even further: it has developed a technology called PROFILE, which it offers to other lenders.“She analyzes the full social presence of the required person, studying the language and actions of the client on social networks, in order, among other things, to determine life events, salary dates, place of residence, age, employment and, as a result, calculate a social credit score,” the portal says.
“The most significant parameters are marital status, the number of friends and who they are, what the user does, what kind of posts or reposts he has,” says Dmitry Selivanov.
– Based on the analysis of open data in social networks in the form of publications, photos, group memberships, you can get information about the social and behavioral profile of the borrower, – explains Irina Khoroshko. – If we talk about an ideal account, then the user should be an active user of the network, have many friends, post photos and news, be a member of various groups. It is good if this is information about finance and economics, travel and sports, culture and design. Photos from foreign trips, placement of geotags, etc. will be a good signal for the company.If the page of a potential borrower is half-empty, there are no recent photos and activities, and a person is included in groups such as “anti-collectors” or “how not to pay on loans”, then this is a negative factor.
“Social networks allow you to build certain“ circles ”of acquaintances: people with similar behavior are united in groups for communication. As a rule, people with high paying capacity communicate with their own kind, with poor discipline – in the same way, – Andrey Bakhvalov, Chief Executive Officer of Domashnye Dengi LLC, shares his observations.- Based on this conclusion, factors for scoring models are determined. For example, the likelihood of a borrower going into default who is in the circle of debtors is 75% higher in comparison with a borrower whose acquaintance circle consists of solvent friends. ”
“The most significant parameters are marital status, the number of friends and who they are, what the user does, what kind of posts or reposts he has,” says Dmitry Selivanov. Photo raexpert.ru
Biometrics to help or Where are the scissors?
Some MFIs use rather non-standard scoring models.
Thus, according to Andrey Bakhvalov, some MFOs are introducing visual scoring. Despite its simplicity, it allows you to achieve high results in the assessment of the borrower. In the course of visual scoring, a specialist assesses the condition of the housing, the client’s orientation in the area of residence, behavior in the apartment, etc. This method allows you to avoid the situation when the borrower rented a property for a couple of days in order to “disappear” from the field of view after receiving a loan lender. Thanks to visual scoring, MFIs are able to stop fraudulent loans.Every month the visual scoring questionnaire is updated and supplemented with questions. Visual scoring is of high importance for scoring models and is one of the most important elements of a decision-making system.
For example, 87% of potential clients were able to give scissors at the request of an agent, the rest of the question caused difficulty. The lack of toothbrushes in the apartment was noticed in 12%. The question of neighbors is difficult for 15%. “Such unexpected questions help to improve the scoring efficiency and, as a result, to reduce the share of default payments by an average of 5%,” says Andrei Bakhvalov.
The Russian startup FscoreLab invites lenders to rate the borrower by photograph. According to the general director of the project, Nikita Nikolaev, the service uses a neural network trained for 600 thousand real cases of repayment of loans taken from the databases of credit bureaus. The program studied photographs of people with and without loan overdue and independently identified the features inherent in persons of debtors, follows from the description of the service.
Users can either enter the usual scoring data with the photo, or upload only the photo.The service plans to monetize with the help of turnkey scoring projects for the largest banks.
The Russian startup FscoreLab invites lenders to rate the borrower by photography. Photo vestifinance.ru
Nikita Nikolaev told Realnoe Vremya that “the company develops“ turnkey ”scoring solutions based on existing customer data such as credit history. Additionally, we enrich the program with data from other sources. As part of such a business process, we work with MFIs, including those from the top 10.Biometrics serve as an additional factor in scoring accuracy. We launched a technology, let’s say, a lead magnet. The service is not sold separately, but we include biometrics if the client collects photos. It is difficult with banks, but this process is underway. ”
New customer in the Asian market
In July, CRIF signed a contract with a new client – the Malaysian company Grab (GrabTaxi) , occupying a leading position in the provision of taxi and logistics services through its application in more than 50 cities in 6 countries (Singapore, Malaysia, Indonesia, Philippines, Vietnam , Thailand and Myanmar) of Southeast Asia.In July 2017, the number of drivers registered in the GrabTaxi network exceeded 1,000,000, and the application itself was downloaded on more than 45 million mobile devices in Southeast Asia.10/15/2019
INSP: Ecosystems and Platforms for New Development.
Driven by digital transformation and regulatory change, the new Open Banking model is helping to rewrite traditional rules and beyond the credit industry.The competitive environment is open to new players and develops links between financial activities and the daily needs of the buyer.
To help companies from a variety of sectors create value for their customers through the ecosystem, CRIF has developed INSP, an intelligent networked services platform.
The platform has an advanced launch engine that, using marketing analytics models developed using big data and machine learning methods, allows you to extract value and obtain information for innovation in the customer life cycle.90,000 Olymp Trade scam or legit broker? How To Check If Fixed Time Trade Platform Is A Scam Is Olymp Trade scam or legit? Guide to check if a Option Platform is a scam
We are ready to answer the following questions: When will Olymp Trade close? What does Olymp Trade refer to to determine its price? Does Olymp Trade broker manipulate price to make money? There are many questions about Olymp Trade to help you understand if it is a scam.This article will help you answer the above questions.
We declare that : We are Olymp Trade traders. We trade and make money on this platform and are ready to honestly share our experience without hiding anything.
Olymp Trade Club will help you check if the trading platform is creditworthy or not. Then we will use the Olymp Trade verification method.
How to check if the trading platform is creditworthy?
All trading platforms you know allow clients to trade online.For example: Olymp Trade is olymptrade.com. Therefore, we can check the creditworthiness of the trading site.Olymp Trade scam or legit broker? How To Check If Fixed Time Trade Platform Is A Scam
Standards You Consider If You Look At Website Domain
First, traffic statistics for the day, especially unique visitor traffic (visitors who visit the site through a unique IP address). You have to understand that this is a type of trading site, so its daily traffic must be high.
Secondly , the worldwide ranking of the site, especially its ranking in the financial sector.
Third, the host address (the site is located in …). If the broker is planning its development in Southeast Asia, the host will be in Singapore or Indonesia.
Fourth, where does the traffic come from? If you have an Olymp Trade account, you will often visit the Olymptrade.com website. Thus, you become one of the direct traffic sources for Olymp Trade.
Finally, is where the traffic sources come from.The more source countries, the better the site. You should beware if only a small number of countries use the website.How to check the creditworthiness of a trading platform?
To evaluate all of these standards, Olymp Trade Club recommends that you use Hypestat.com. There are many websites that you can use to check the creditworthiness of other sites. However, you need to pay money to use them, but not Hypestat.com.
I’ll show you how to use this site for Olymptrade.com and you can check another site in the same way.
So the question is: is Olymp Trade a scam or a legit broker?
Access https://hypestat.com. Fill in all the information about the site you want to check. We are currently checking Olymptrade.com.Olymptrade.com Checker Guide
First, let’s check the daily traffic. 90,120 The website has over 1.3 million people, including 972,760 unique visitors.Olymp Trade Daily Traffic
Secondly, OlympTrade worldwide rating: 1.323.Olymp Trade World Ranking
If you want to compare Olymp Trade Ranking with other finance websites, you can check here: https://www.similarweb.com/top-websites/category/finance/investingCompare Olymp Trade rating with other financial sites
Third, the host address is . You can find the host address on a google map.Olymp Trade Host Address
Fourth, is the direct source of olymptrade traffic.com. 40.90% of traffic sources on a daily basis are direct traffic. For every 100 visitors, there are 41 direct visitors, the rest come from advertisements and other sources. The 41 visitors are most likely a trader who gets access to Olymp Trade to trade. Nowadays, most of the trading platforms have their own smartphone apps.
Thus, website traffic can gradually decrease. For example, only 27% of the traffic on the IQ Option platform comes from direct visitors.Direct traffic olymptrade.com
Finally, where does the traffic come from? In fact, Indonesia is not one of the main traffic sources.Traffic Sources olymptrade.com
If you doubt Olymp Trade is a scam, you can check and compare with other platforms that you deem trustworthy.
When will Olymp Trade close?
The 5-year international trading platform cannot disappear overnight.Let’s use google search to check Olymp Trade: 90 120Use Google Trend Search to check Olymp Trade
Around the world, people from 40 countries are looking for Olymp Trade. Blue dots show where people find information about Olymp Trade or access to it. The white area is where there is no Olymp Trade yet. Perhaps these countries restrict Fixed Time Trade, or the broker has not yet become popular in these countries.
You don’t want to make money at Olymp Trade?
If you think Olymp Trade is not trustworthy , you can just forget it and find another platform.Olymp Trade is active with 972,000 visitors per day. It is not threatened with closure and a great future awaits it. I hope you can take responsibility for the choice to be a trader at Olymp Trade or just go to safer sources of income.Don’t you want to make money at Olymp Trade?
We do not tempt you to participate in the Fixed Time Trade game and do not participate in the Olymp Trade advertising campaign. If you have any opinion about Olymp Trade we are ready to listen, please leave a comment and we will discuss with you.
I wish you success!
Olymp Trade a scam or a legit broker? How To Check If Fixed Time Trade Platform Is A Scam4.4 (88%) 163 reviews 90,000 “An average American in a mobile application would have had half of the functions that they are used to in Russia” – Yuri Topunov, Citibank
FutureBanking spoke with Yuri Topunov, Director of the Credit Cards and Consumer Lending Department of Citibank, about the prospects for P2P lending, the need for a balanced approach to Big Data and the Russian specifics of the digitalization of the banking sector.
Strategically speaking, anything that leads to improvement and evolution shows the best growth. At the same time, the asymmetry of information significantly slows down progress. A typical example is the classic “lemons problem”.
It is already clear to everyone that a more accurate assessment of creditworthiness allows you to minimize the price of a product for a client, by reducing potential costs for a contact center and reducing credit losses – “good” customers need to pay for fewer “bad” ones.At the same time, offering a more relevant product saves the client’s time, again minimizes unnecessary calls, which also improves the client’s experience of cooperation and the bank’s profit.
Sources capable of enriching data and increasing “hit accuracy” with the right approach can be mobile operators, social networks, Internet search engines, credit bureaus, various aggregators of services, payments and other information with huge amounts of data.
The main task is to structure this data and use it optimally.To find this way, the bank must be ready for a large number of tests with partners in various areas. Many banks around the world work according to this scheme, and we are no exception.
How exactly does Citi work with Big Data and partner data?
The question is what exactly to count Big Data. For example, on the scale of the largest Russian banks, their own knowledge about the client is already Big Data, and then additional sources are not needed. To make a relevant loan offer, a bank only needs to analyze user activity on debit and other products, understand what a person buys, what else his money is spent on, and then model his behavior patterns and potential additional needs.
If we are talking about the integration of external data sources, it is important to note that at this stage it is unreasonable to accumulate all the information about the client indiscriminately. At Citi, we have chosen to work with different types of customer data from different sources, in a small test format, which allows us to understand at the beginning which data analysis is most effective. And only after that, move on to their use throughout the bank.
What data sources performed best?
First of all, data of the required quality can be offered by credit bureaus and cellular operators.And if credit bureaus specialize in studying the customer’s credit histories – this is their product, then the data of mobile operators are valuable for banks due to the fact that cellular companies study customer behavior for their own needs. That is, we receive an actually finished product from credit bureaus, while cellular operators can provide a certain semi-finished product, but already almost ready for use.
Considering that the niche of such data aggregators is just emerging, and the need for high-quality data on the market, in my opinion, continues to grow, it is obvious that new players can be expected in this segment.
The second important feature is that, using databases with actually variables in one plane, like credit bureaus (credit behavior), or two, in the case of mobile operators (payment history, customer demographic data with geolocation elements), we can get started using this data pretty quickly. On the other hand, if these variables, let’s say 17, as, for example, can turn out if we consider in detail the information available on social networks, then it is impossible to analyze such data very quickly and unambiguously.It is required to spend a longer and more laborious period of hypothesis development and their competent testing.
How serious do you think MFIs and P2P lending are a threat to bank lending? It is believed that P2P lending will eventually replace banking. What arguments do you have against this?
In my opinion, such organizations may receive a temporary advantage due to the heterogeneity of regulation. More serious requirements are imposed on the bank, for example, on maximum rates, reserves, etc.It is clear that the regulator is more worried about traditional banks, because in case of problems with the repayment of loans, banks may have problems with the return of deposits to the population, which means that the load on the insurance fund and social tension is growing. From this point of view, organizations without deposits are probably less worried about the regulator. We also partly observe a slower rate of innovation on the side of traditional banks compared to new fast monoline liners.
But in the medium term, banks will become more flexible and faster, the regulator, in turn, will pay attention to loans of several hundred percent per annum, which further complicate the life of a client with financial difficulties.Then the position of new players and banks will be balanced, and the market is likely to bring banks and more mobile participants to cooperate to increase the size of the pie for everyone.
Talking about P2P lending, you need to understand that this is a rather risky direction. Even large banks with many years of experience using Big Data fail to create an absolutely accurate scoring model. In a segment largely formed by non-professional lenders, this is even more challenging.
The marginality of this direction, adjusted for risk and all the volatility that happens to us from time to time, also raises questions. An additional factor is the high cost of money in our market – that is, a relatively high “risk-free” income that can be obtained, for example, on bank deposits. In this regard, I would be extremely careful when making forecasts regarding the appearance of players in this market who are able to invest significant funds using P2P lending.
Where then, in your opinion, banks feel the most competition today?
In the payment direction. If banks still have strong positions in the credit field, then alternatives appear in payments. Both in Russia and in the world, everyone is entering this market: from Internet companies to mobile operators.
Nowadays more and more cards go to the mobile phone. Does Citibank have a plan to transform credit cards into mobile products? Citi, unlike other large players, both in Russia and in the world, does not work with Apple pay yet.Is this related to Citi Pay’s own development and its upcoming launch in Singapore, Mexico, Australia and early 2017 in the United States?
We are undoubtedly transforming our business significantly, and in many countries we are leading in the digitalization of payments and customer service. We open API for developers, receive awards for mobile and Internet banking, launch new forms of payment factors. Samsung Pay has already been launched in many countries and will soon be launched in Russia. We are also really launching our own Citi Pay, available on any Android device.
But my personal impression is that paying with a plastic card with contactless technology is much more convenient than paying with a phone: it is guaranteed to be accepted for payment, even if the contactless at the terminal does not work; there is no dependence on the battery in your smartphone, the card is not susceptible to viruses and allows you to pay by contactless for the same fractions of a second, it is elementary more convenient to hold it in your hand when paying. But this is a matter of taste, diversity contributes to progress.
If we recall that Citi is an international bank, how do you assess the degree of distribution of remote channels in Russia, in comparison with other regions of the bank’s presence?
In Russia, the mobile applications market, including in the banking segment, is developing extremely rapidly.The average American in a mobile application would be satisfied with half of the functions that they are accustomed to in Russia, in large cities. If it is normal for a user in the United States to enter three details in the application, then in Russia more than one is often too difficult.
For example, Citi Online Banking, which has virtually the same interface in most countries where it operates, receives awards in the United States as the best online bank, while in Russia additional functionality and convenience is required to meet user expectations.
I see two explanations for this. First, Russia has traditionally strong IT specialists, many of them, of course, work abroad, but many remain in the country and help make really interesting products and systems. It is also significant that changes in the banking sector in our country began somewhat later than in many other countries, which means that Russian banks have an additional incentive to look at what is available in other places and make the product better.