The problem
There are huge systemic issues with the way consumer financial data is handled. As a result of the current system 2 billion people worldwide are unbanked and lack of access to credit is a global problem.
There are huge systemic issues with the way consumer financial data is handled. As a result of the current system 2 billion people worldwide are unbanked and lack of access to credit is a global problem.
Pave is decentralizing the credit bureau with the launch of the Global Credit Profile. Users will have visibility and control over their financial data to allow them better access to the financial products they deserve.
Pave is a financial technology company with a specialism in underwriting and lending to those with limited credit history. The company was founded in 2012 with the mission of democratizing access to credit through technology. Having witnessed the financial crisis in 2008 and the subsequent pull back in lending from the banks we saw how difficult it was for those with limited credit history to obtain any type of consumer financing. During the past five years, Pave has funded more than 1,600 individuals with limited credit history with a total value of approximately $22 million. Pave has developed deep specialist knowledge in what it takes to underwrite and lend to underserved segments of the population such as immigrants and younger borrowers. With this expertise Pave has developed a new user driven credit profile that solves the asymmetry of information issue between borrowers and lenders. The new global credit profile (“GCP”) is a culmination of all of Pave learnings and combines technological expertise with consumer credit experience.
The GCP is a user powered global credit report or profile. Rather than having to rely on third parties to provide an assessment of your credit worthiness the GCP gives consumers the ability to see and share their financial data in a more holistic and accurate way. The GCP allows users to build a complete financial profile that includes financial data, ranging from bank account data to credit cards, to rent and utility payments. With this level of control and ownership of their financial data consumers will be able to access a wider range of financial products and financial service providers better design and price their product offerings.
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