by Pratik Bhakta
MUMBAI: Online credit facilitator company Creditmantri has introduced a profiler on its webpage to judge the borrower's credit health and help him access easier loans. This can be achieved through social media data, financial data and these can act as added forms of information along with information processed from the credit bureau.
"With eCommerce and social media adoption growing, the need to have credit decisions instantly on a real time basis is vital to facilitate credit for individuals who have been historically denied the same for lack of sufficient credit history. These alternate data sources besides helping lenders understand consumers with no credit history better also aids in reducing credit processing turnaround times," said Ranjit Punja, CEO, Creditmantri.
An user who visits the creditmantri.com website can share their social media data with creditmantri. Majorly first time borrowers have been found to show a high propensity of doing it.
The company uses data generated from Facebook, Google Plus and Linkedin to create a profile of the individual and help him access credit from financial institutions better. even lenders are agreeing to use the social media data of an individual to process credit applications.