AI-Powered Credit Scoring for the Thin File and Informal Economy
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AI-Powered Credit Scoring for the Thin File and Informal Economy
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This story was originally published on HackerNoon at: https://hackernoon.com/ai-powered-credit-scoring-for-the-thin-file-and-informal-economy.
AI-powered credit scoring uses alternative data to help thin-file and informal borrowers access fair loans.
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This story was written by: @nikhilkassetty. Learn more about this writer by checking @nikhilkassetty's about page, and for more stories, please visit hackernoon.com.
The decision to credit someone is being transformed by AI-driven credit scoring. This could be life-changing for thin-file borrowers and those who are in the informal economy. Traditional credit ratings assume that an individual has a bank account, formal financial products and has borrowed a loan or used a credit card previously.