VeraScore, an innovative AI platform for measuring consumers’ financial health, is introducing a SaaS-based model that will allow lenders to more accurately and fairly extend credit. This will enable them to increase their pool of borrowers while lowering the risk of extending new loans. According to the Federal Reserve Bank of New York, there is currently more than $16 trillion in consumer credit outstanding, but financial institutions are not able to properly measure and assess over 45 million additional Americans who do not have an accurate credit score.
VeraScore’s patent-pending platform is fundamentally different to the legacy credit rating model. While FICO scores, and those provided by Experian, TransUnion, and Equifax, are one-time snapshots that rely on weeks-old reporting from lenders, VeraScore delivers detailed near real-time analysis of a consumer’s financial health. It does this by assessing all relevant financial information, including comprehensive bank accounts, salary, mortgage, loan, and other proprietary data. By deploying AI and machine learning, VeraScore then calculates a series of precise metrics of the individual’s borrowing power. As a result, banks and other lenders have a more accurate – and equitable – way to extend credit.
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