Seoul, Korea South, 25th Jul 2024 – CrePASS, a prominent player in alternative credit rating, announces its pioneering efforts in developing an advanced credit assessment system, marking a significant leap forward in evolving credit evaluation methodologies. Based in South Korea, CrePASS specializes in evaluating individuals’ creditworthiness using innovative non-financial big data techniques. By integrating traditional and alternative credit rating approaches, CrePASS aims to drive innovation and improve financial accessibility.
CrePASS is fast gaining popularity for:
- Dedication to Reliable and Personalized Financial Services
- Leveraging Advanced Analytics and Non-Financial Data for Enhanced Accuracy
- Empowering Financial Institutions with Efficient Big Data Utilization
Traditional credit evaluations have long relied on financial information such as income and repayment history, leading to continuous research on alternatives for evaluating thin-file borrowers who lack financial histories. Big data, including payment records from credit cards, has commonly been used in these efforts. However, CrePASS is taking a pioneering approach by identifying behavioral patterns through a variety of big data sources obtained via partnerships. These sources include smartphone devices, social media, web browsing, psychological assessment models, and records from distribution, telecommunications, healthcare, and driving activities. By analyzing these behavioral patterns, CrePASS can predict tendencies such as trustworthiness, spending habits, and income stability.
This sophisticated approach integrates these insights with traditional credit evaluations to develop a comprehensive credit assessment model. Such a model enables a multi-faceted and in-depth evaluation of an individual’s creditworthiness. For financial institutions, this means the ability to identify reliable and distinctive customers. For individuals, it opens up more financial opportunities, paving the way for inclusive finance.
Despite the various efforts and technological advancements in credit evaluation, many regions still suffer from low credit information coverage, leading to financial exclusion. Notably, 87% of adults in Southeast Asia and 78% in East Asia & Pacific remain without credit information. The middle class with financial needs in Southeast Asia continues to grow.
Leveraging the technology and experience developed in South Korea, CrePASS has expanded into countries such as Mongolia, Kazakhstan, Guatemala, Indonesia, and Cambodia. The company continues its efforts to provide reliable credit assessments, striving to bridge the gap in financial inclusion and support the burgeoning middle class in these regions.
CrePASS’s commitment to meticulous credit assessment methodologies underscores its reputation as a trusted authority in alternative credit rating. The company is dedicated to identifying reliable individuals across diverse demographics, thereby enhancing financial opportunities and delivering personalized financial services.
Learn more at: https://www.crepass.com/
Address: 42, Jong-ro 1-gil, Jongno-gu, Seoul, Republic of Korea
Media Contact
Organization: CrePASS Solutions Inc.
Contact Person: Wonhee Ku
Website: https://www.crepass.com/
Email: Send Email
City: Seoul
Country: Korea South
Release Id: 25072414751
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Millie James is an American real estate investor and Adjunct Professor in Entrepreneurship, Emeritus at Business School.
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