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03-20-2013, 10:35 AM #1
- Join Date
- Sep 2012
- Posts
- 72
FICO is dead
I know this debate has been had many times before but I'm bringing it back up. Just read a news story about kabbage and zestfinance. some takeaways:
"ZestFinance employs a host of untraditional signals — such as whether or not a would-be borrower has read a letter on its website — to determine if someone is credit-worthy."
"One example is ZestFinance, a new style of underwriting company that uses 70,000 data signals and ten parallel machine learning algorithms to assess personal loans."
" The lending firm Kabbage, for instance, taps into data like a company’s UPS activity to assess their financial health — everything from the volume of shipping to the size of the parcels provide signals about how a firm is doing."
"Kabbage is offering more loans than banks to internet-based businesses"
http://gigaom.com/2013/03/20/forget-...-underwriting/
raise your hand if you are looking at more than just fico score and daily ending bank balance.