Before the bank grants you a loan, it will check what you are doing online. One of the Polish companies makes it possible

Analysts, when considering an application, pay attention to credit scoring. What is that? According to the portal: “It is an assessment (on a point scale) of credibility in the repayment of the loan applicant’s obligation and estimation of the probability of repayment over the next 12 months”. The Polish Epeer uses an algorithm to interpret our online behavior and, based on the collected data, assess the risk for our borrowers – it uses a special algorithm that predicts our creditworthiness. He told the portal about his activities.

Credit Scoring? “Data exploitation and artificial intelligence serve people”

The Epeer company specializes in behavioral analysis, i.e. the assessment is made on the basis of the previous handling of financial products by the petitioner, and all this in order to help, and not hinder a given person, e.g. no credit history access to the selected service. What does artificial intelligence take into account? Maciej Jarząb, the manager, answers the question to the portal: – Starting from geolocation data, purchasing intentions, through interests, means of transport used, use of mobile applications. Everything we can collect about users on the web – of course, as long as the user agrees to the collection and processing of this data, which is anonymized for us anyway – we do not know whose data is analyzed – he informed. Jarząb emphasized that the company does not make its data dependent on those from social media, because “every giant could then bury a business with one move”. Experts from Epeer also did not feel the change in the cookie policy by Apple, which is unfavorable for those who use this data. – This is due to the fact that we always try to read similar information from different sources – he said.

Considering such a wide spectrum of our online activity, Maciej Jarząb was asked about the possibility of creating a system for analyzing our behavior that would track every step. – First of all, it would be unethical. Data exploitation and artificial intelligence are there for people. We create a solution that is to help, expand people’s access to offers that they otherwise have no access to – he replied.

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Loan. What factors can banks take into account?

Good and constant work, timely repayment of installments, no arrears in paying bills, impeccable history may not be enough for a credit score to be high, and despite all the criteria met, it may turn out that a model customer is a high-risk customer for a bank. A number of other factors are taken into account, including but not limited to:

• monthly income,
• education,
• occupation,
• stable employment,
• housing status,
• age,
• marital status,
• number of dependents,
• life insurance,
• the balance of bank accounts,
• use of payment cards,
• reference
• liabilities held,
• contract with mobile telephony.

A high credit score can be influenced by:

• no financial obligations,
• no dependents,
• higher education,
• a scarce profession,
• savings on the account.

A low credit score can be influenced by:

• previous problems with timely payment of obligations,
• taking too many credits and loans in a relatively short time,
• too many rejected loan applications.