How we do it?

How we do it?

April 8, 2013 by Erki Kert

Once our plug-in is added to your on-line loan application, we collect the following data for your clients from Facebook:

  • Complete user profile and activity information (including basic data (such as education, relationship status, workplace, number of friends, etc), likes, groups they belong to, status updates, locations, etc)
  • A selection of information on the applicant’s friends (education, workplace, etc)

All in all, that is c.a. 5,000-10,000 lines of data for each client. From applicants point of view, allowing access to all of this Facebook data costs just 2 mouse clicks.

The digital footprint of each applicant has strong predictive powers when it comes to determining their credit behavior. For a lender, it’s like having a week to get to know the client properly. We often know more about borrowers than their family or relatives do.

The data is processed real-time and, within seconds, you will receive the Big Data Score for your applicant. Once integrated, the system is fully automated and does not require any additional training or human interference.

We divide applicants into  groups based on their expected probability of defaulting on their loan. The score can supplement or replace your current underwriting algorithms.

For more information, please contact us at info@bigdatascoring.com