PRESS RELEASE – World´s first social media credit scoring model launched for Europe

PRESS RELEASE – World´s first social media credit scoring model launched for Europe

May 8, 2013 by Erki Kert

Big Data Scoring Ltd has launched the first ever credit scoring model for European markets which is based purely on social media. The scorecard helps lenders improve credit quality while at the same time enables them to serve a larger number of customers.

“Banks around the globe are in increasing numbers looking for ways to integrate Big Data into their underwriting and marketing operations. We are the first in the world to offer them a proven and tested credit scoring model that makes use of the vast amount of data that is available about their clients in social media and online environment”, says Erki Kert, the CEO and Co-Founder of Big Data Scoring Ltd.

“Our predictive models forecast which clients are more likely to default on their payments based on data from Facebook and other on-line sources. As a result, lenders can improve credit quality while serving a larger number of customers” Mr. Kert adds.

When developing the model, more than 45 million data points from social media were collected and compared to real-life payment behavior data of borrowers in different European countries over a period of one year. Utilizing the lates achievements in predictive analytics, the Big Data Scoring team is now offering the Big Data Score ™ credit scorecard to lenders and banks across Europe with plans to develop generic global solutions in the near future. Meanwhile lenders outside of Europe are being offered bespoke scorecards based on Big Data.

The Big Data Score ™ is an industry changing scorecard, which can easily be integrated into any lender´s underwriting process and will bring benefits to even those lenders with existing credit scorecards.

Big Data Scoring Ltd is the leading provider of innovative credit scoring solutions using data from social media nad other Big Data Scources. Registered in Estonia, the company has offices in Tallinn, Helsinki and Warsaw. The founders inlcude Mr. Erki Kert, a former bank executive and Valkea Media Ltd, Polands leading social media specialist and publisher of Poland´s largest business daily newspaper, the Warsaw business Journal. The company works together with a team of leading data scientists in Scandinavia.