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How is the credit report analysis calculated?

The assessment of the users' solvency and interest in receiving financial services is fully automatic. The estimates of their financial health and status are the results of a set of parameters calculated according to the proprietary methodology developed and implemented by CredoLab.

Can CredoLab guarantee the provision of financial services?

No, the use of the CredoApp does not guarantee the provision of financial services with the Financial Institution the users are applying for.

Does CredoLab provide financial services?

CredoLab does not provide financial services, nor does CredoLab take decisions on rendering or refusing to provide users of the CredoApp with financial services.

Who receives the credit analysis report?

The result of the solvency and credit risk assessment, with the user's consent, is transferred for further decision-making to the bank or lender from which the user intends to receive financial services. Such financial institution independently decides on the possibility of providing the user with financial services.

Why does CredoLab collect information about the users?

CredoLab collects users' anonymised data to assess their financial health and status so that financial institutions are able to decide whether or not to grant a loan, a credit card or any other financial services. CredoLab assesses the users' solvency, their probability of default and interest in receiving financial services only in the context of their application for the provision of financial services.

Why do loan or credit card applicants need to give permissions?

CredoLab values the privacy of borrowers and is committed to keeping their data private and secure. As such, CredoLab will access users' data only after they have agreed to all relevant operating system permissions, given their privacy consent, and after they have clicked on the button that says “proceed with credit analysis”.

What information does CredoLab not collect?

Unless otherwise requested by the bank or lender, CredoApp does not extract personal information and does not have names, emails, or phone numbers nor collects, for instance, the list of contacts in the phone book.

What information does CredoApp collect?

The CredoApp accesses and collects anonymised data regarding call history, contacts, SMS history, calendars, and storage. Examples of anonymous data collected are information about incoming and outgoing phone calls, SMS and e-mail messages, data on the use of the internet browser and the geographical position of the mobile device, information about the list of applications installed on the mobile device and the calendar data.

Can CredoApp be run in trial mode alongside existing credit scoring systems?

Yes. During the pilot phase and subsequent model development, a client is able to assess and validate the scorecard before putting it into production. CredoLab's integration methods are very flexible and can accommodate the needs of any bank and lender.

How quickly can CredoApp assess the credit score of a new applicant?

We assess and deliver each score in less than 1 minute.

CredoApp
How long does it take to deploy CredoApp?

We can be up and running in pilot phase in less than two weeks. With it being a plug and play solution there is no need for long, cumbersome, integration.

How accurate is the score in predicting default rates?

CredoLab's score is extremely accurate. We measure the predictive power of our scorecards by assessing the Gini Coefficient. The average Gini coefficient of a bank or lender in an emerging market is 0.27. Because of the nature of the data we use, the models we develop deliver an average Gini coefficients of 30% higher than what the bank / lender currently has.

CredoApp
How does CredoApp work to produce a score?

The CredoApp analyses the smartphone footprint only after the user has granted the required operating system's permissions and given her data privacy consent. Only at this point, the CredoApp proceeds with the credit analysis. The score is provided directly to the lender either via our web-based dashboard or the API. Our plug-and-play solution requires minimal IT integration and is light and fast for the borrower.

Scoring
What scoring technique does CredoLab use?

Our scoring solution utilises a proprietary Mobile App, CredoApp, developed to enable the launch of a digital scorecard. The app is used during the loan or credit card application process and provides CredoLab with a snapshot of the customer’s digital footprint. In combination with the bank's performance data, this enables the development of robust Big Data-based highly predictive scorecards that enhance the lenders' credit decisioning process.

Does CredoLab collect personal data from my smartphone device?

No. All your  personal data like messages & contacts are not accessed. The only information that some jurisdictions may define as personal would include: Android ID number and Geographic location based on file. This information is only used to deter fraudulent behaviour.

Aside from that, the bulk of the data that we collect is considered metadata, which translates to the data about the data. Furthermore, we access only anonymous data which we code them binarily and only after you have agreed to the required Operating System's permissions and granted data privacy consent. In doing so, CredoLab protects your anonymity whilst retaining the ability to detect fraud deriving from particular devices.

Getting Started
Who can I approach if I’m interested to know more about purchasing your product?

You can get in touch with one of our sales representatives to take the conversation forward. We will get back to you as soon as possible to show you a demo of our products  and know more about your business objectives.

CredoSDK
What is CredoSDK?

A simple plug and play data collection and credit scoring tool offered by CredoLab that can be easily integrated into your existing mobile application. Flexible APIs ensure that our scoring technology easily integrates with your existing IT infrastructure. CredoSDK enables companies to get started with AI credit scoring quickly with little hassle.

Scoring
What permissions need to be granted in order for the App to be able to collect data?

We collect data permissions from 8 main, broad categories-- Apps, messages, contacts, image and audio files, emails, calendars and downloads. We allow the customer to control which permissions they want to allow, and which they’d like to decline access to.

CredoApp
What is CredoApp?

CredoApp is a data collection and processing tool offered by CredoLab. The white-label app converts the customer’s smartphone metadata into credit scores, after getting explicit consent to access the device data. The score is then sent to your underwriting team for further assessment of the application.

What is CredoApp?

CredoApp is a data collection and processing tool offered by CredoLab. The white-label app converts the your smartphone metadata into credit scores, after getting explicit consent to access the device data. The score is then sent to your bank for further assessment your application.

CredoApply
What is CredoApply?

CredoApply is a comprehensive digital onboarding platform that facilitates all aspects of the customer application process. Built on CredoLab’s powerful AI credit scoring technology, CredoApply is packed with mobile intelligence to help manage all steps of the onboarding process, such as guiding customers through the application, KYC requirement completion, anti-fraud checks and digital credit scoring. With CredoApply, lenders can offer their customers a fully digitised and engaging onboarding experience. CredoLab’s advanced backend infrastructure ensures that customers enjoy a speedy time-to-yes while companies can profit from higher credit scoring accuracy.

Scorecard Development
What types of scorecards can we develop?

We can develop scorecards for all unsecured lending products including credit cards, personal loans, POS loan, payday loans, two-wheeler loans and auto loans. Our scorecards are effective with all user segments including new-to-bank and new-to-credit customers, and also to cross-sell to existing customers in developed and developing countries.

Partners
What are the benefits of partnering with CredoLab?

CredoLab has a wide ranging network that includes banks, consumer finance companies, auto lenders, online and mobile lenders, insurance companies and retailers. As a CredoLab partner, you will be in contact with an audience highly receptive to your offerings and business model. Read more on how the partnership will benefit your business here.

CredoWeb
What is CredoWeb?

A data collection toolkit that helps lenders score the applicants on desktop. The CredoWeb is a simple JavaScript that sits on the lender’s application web page to collect device fingerprint and behavioural data about the way an application form is filled in. The scoring algorithm uses a two-fold intelligence to assesses the creditworthiness of an applicant. It combines the device data insights with that of browser behaviour to get you a more predictable credit score for each applicant.

ScoreMe
What is ScoreMe?

ScoreMe is a light mobile app aimed at helping financial institutions generate demand for their loans and credit cards while improving the quality of the leads. Credo ScoreMe enables your applicants to see their digital credit score by simply downloading a mobile app on their smartphones. Our AI-algorithm identifies the best deserving customers and presents them with a link to the product of yours that they best qualify for.

What is ScoreMe?

ScoreMe is a light mobile app aimed at helping applicants identify the loans and credit cards of a particular financial institution available to them. By simply downloading the app and completing the secure scoring process, you will be able to check your eligibility for each financial product available. You may or may not choose to proceed with the application once the scoring is complete.

Fraud Score
How does CredoLab generate the fraud score?

CredoLab has partnered with TransUnion, formerly iovation, to bring you the best in business anti-fraud solution. CredoLab and TransUnion, formerly iovation, have joined forces bringing a single mobile solution that uses smartphone device metadata to generate bank-grade digital scorecards and perform anti-fraud checks, in real-time.

How does CredoLab generate the fraud score?

CredoLab has partnered with TransUnion, formerly iovation, to bring lenders the best in business anti-fraud solution. CredoLab and TransUnion, formerly iovation, have joined forces bringing a single mobile solution that uses smartphone device metadata to generate bank-grade digital scorecards and perform anti-fraud checks, in real-time.

Data Privacy
Does CredoLab collect personal data from the smartphone device?

No. All your customers’ personal data like messages and contacts are not accessed. The only information that some jurisdictions may define as personal would include: Android ID number and Geographic location based on file. This information is only used to deter fraudulent behaviour.

Aside from that, the bulk of the data that we collect is considered metadata, which translates to the data about the data. Furthermore, we access only anonymous data which we code them binarily, and only after the user has agreed to the required Operating System's permissions and granted data privacy consent. In doing so, CredoLab protects the end-users' anonymity whilst retaining the ability to detect fraud deriving from particular devices.

What permissions need to be granted in order for the scoring App to be able to collect data?

We collect data permissions from 8 main, broad categories-- Apps, messages, contacts, image and audio files, emails, calendars and downloads. We give you control of which permissions you want to allow, and which you'd like to decline access to.

Data Privacy
Can you provide examples of metadata?

Examples of metadata would include: the number of events you schedule during work hours, the number of contacts saved per month, total number of apps upgraded in the last month, or the number of music files. We do not collect the personal contents, we just crunch the numbers.

Getting Started
How long would it take for us to go live after I reach out?

The typical journey we take with our clients involves:

  1. Understanding your objectives and challenges
  2. Signing of NDA
  3. Presenting proposed solution
  4. Finalizing terms and conditions
  5. Signing commercial contract
  6. Launching data collection
  7. Developing digital scorecard
  8. Redesigning underwriting process (after assessing outcomes)
  9. Rolling out digital scorecard

CredoSDK
Why should CredoSDK excite me?

This is a no-fuss, simple plug-and-play digital scoring tool. This product is highly recommended for businesses who already have an existing app with a substantial active client base. Our flexible APIs ensure that our scoring technology easily integrates with your existing infrastructure. CredoSDK enables companies like yours to get started with AI credit scoring quickly with increasing approval rates, while keeping your risk under control and start accepting more customers with CredoSDK. Find out more here.

Scoring
How many data points does are collected from the smartphone device?

CredoLab's scoring algorithm collects millions of data points on average from the smartphone device. The number of data points collected depends on the permissions granted, the operating system (Android, iOS) and its version, and the actual usage of the mobile device. In any case, the more permissions granted, the more accurate the score, the higher your chances of getting a better score.

How many data points does are collected from my smartphone device?

The credit scoring app collects millions of data points on average from the smartphone device. The number of data points collected depends on the permissions granted, the operating system (Android, iOS) and its version, and the actual usage of the mobile device. In any case, the more permissions granted, the more accurate the score, the higher your chances of getting a better score.

CredoApp
Why should CredoApp excite me?

The very first white labelled app to be introduced from the CredoLab assembly line, CredoApp's AI-based scoring processes converts metadata from mobile devices into predictable digital scorecards. With CredoApp, you can now judge the creditworthiness and willingness-to-pay of customers with little or no traditional financial history like new-to-credit (NTC), millennials, self-employed and small business owners. Find out more here.

How big is the CredoApp?

The CredoApp 3.0 version is approximately 2MB in size.

CredoApply
Why should CredoApply excite me?

CredoApply is a comprehensive digital onboarding platform that facilitates all aspects of the customer application process. Built on CredoLab’s powerful AI credit scoring technology, CredoApply is packed with mobile intelligence to help manage all steps of the onboarding process, such as guiding customers through the application, KYC requirement completion, anti-fraud checks and digital credit scoring. With CredoApply, lenders can offer their customers a fully digitised and engaging onboarding experience. CredoLab’s advanced backend infrastructure ensures that customers enjoy a speedy time-to-yes while companies can profit from higher credit scoring accuracy.

Find out more here.

Scorecard Development
How do you integrate your digital scorecard with our existing one?

We offer three scorecard integration options: merge, dual, and input.

  1. Merge: you can merge your existing scorecard with a CredoLab digital scorecard to create a more powerful, enhanced score.
  2. Dual: you can run the CredoLab digital scorecard in parallel with your existing scorecard to assist in your decision making.
  3. Input: you can use the CredoLab digital score as one additional characteristic in your existing scorecard.

Partners
What are the partnership options available with CredoLab?

Currently we have three kinds of partnership options available to you.

  • Data partnership
  • Co-innovation partnership
  • Technology partnership

Visit our partner page to know more on each of these options.

What kind of data does CredoApply collect?

CredoApply collects two types of data: personal data and anonymous mobile digital footprint. The personal data is transferred right away to the financial institution via a secure API. No personal data is stored on CredoLab's servers nor is it shared with other 3rd parties.

The mobile digital footprint is collected anonymously in the form of metadata. This metadata is only used only to calculate credit score and to determine the outcome of your application. We then determine the correlation between you as an applicant and the predicted default rate.

You can get more information on how we handle the data under our privacy policies.

CredoWeb
Why should CredoWeb excite me?

Forward to our flagship offering, CredoApp, CredoLab brings you a two-fold intelligence tool that assesses the creditworthiness of your customers based on browser data, in addition to smartphone data. The new web toolkit combines the device data insights with that of browser behaviour to get you a more predictable credit score for each applicant with just a simple strip of JavaScript. Find out more here.

ScoreMe
Why should I use ScoreMe?

ScoreMe is a light mobile app aimed at helping you generate demand for your loans and credit cards while improving the quality of the leads. ScoreMe enables each applicant to see their digital credit score by simply downloading a mobile app on their smartphones. Our AI-algorithm identifies the best deserving customers and presents them with a link to the product that they best qualify for. Find out more here.

Fraud Score
Is the credit score and fraud check done at the same time?

Yes. While our scoring algorithm crunches the consented device metadata to provide you with a reliable credit score, TransUnion’s FraudForce uses device recognition and intelligence technology to track over 45 types of fraud and abuse. All this happens in a matter of seconds giving you the fraud score and the credit score on the applicant in real-time.

Is the credit score and fraud check done at the same time?

Yes. While our scoring algorithm crunches the consented device metadata to generate a reliable credit score, TransUnion’s FraudForce uses device recognition and intelligence technology to track over 45 types of fraud and abuse. All this happens in a matter of seconds giving the fraud score and the credit score in real-time.

Service-Level Commitment
SLA on score generation

Our standard SLA with most clients is no more than 1 minute but 97% of our transaction records show is less than a second for our clients to see the results.

Service-Level Commitment
Quality Support

Credolab agrees, represents, and warrants to provide the Client with quality support and access to knowledgeable personnel at all times. CredoLab provides a multi-level support to the Client executed by the both Customer Success Manager and the Technical Support team. Incoming requests are prioritized according to its scale and duration of impact on production:

  • Level 1, Customer support (General requests, minor issues. This is a transitional level for incoming requests).
  • Level 2, Technical Support (Minor issues with high priority).
  • Level 3, Technical Support (Major Issues).


Data Privacy
How do I know CredoLab only collects metadata and not any personal information?

CredoLab only reads permissioned information and transforms them into anonymous data about other data (metadata). If you could take a look at the data CredoLab’s scoring algorithm processes, it would be as below:

A screenshot of a cell phoneDescription automatically generated

We have had independent annual auditors (Ernst & Young, (2018) and eShard (2019) verify that our product do not have any exploitable vulnerabilities. 


Getting Started
How do you price your offering?

CredoLab follows a pay-per-use business model. You will pay a one-time setup fee and then a fee per score request, just like you would with a credit bureau.

  • Platform Set-up Fee: The platform setup fee is a one-time fee that covers the integration of the SDK or the customization of the White Labelled mobile app/web tool-kit, support during the data collection phase, the development of the very first scorecard and its fine tuning for up to 12 months.
  • Fee Per Score: We charge a fee calculated based on the number of requests received every month. The fee amount depends on volumes generated. The higher the volumes, the lower the fee per score. You pay this fee only when you start using our solution.

CredoSDK
How big is the CredoApp application?

The actual size would depend on the number of permissions your app is allowed to collect. On average, the SDK is about 250kb big and can be operated on both operating systems (iOS and Android).

Scoring
How long does it take to generate the credit score?

The process is completed faster than you can say "CredoLab". The app begins accessing data only after the customer has granted the required permissions. Within seconds the score is generated and sent to the underwriter. Do note that all CredoApp does is take a 'snapshot' of the device usage and does not track information over time. Once the score has been successfully sent to the backend, the app is defunct and can be deleted.

CredoApp
How big is the CredoApp?

The CredoApp 3.0 version is approximately 2MB in size.

What is the size of the average datasets?

The file containing the metadata used to calculate the credit score is no bigger than 50kb.

CredoApply
What kind of data does CredoApply collect?

CredoApply collects two types of data: personal data and anonymous mobile digital footprint. The personal data is transferred right away to the financial institution via a secure API. No personal data is stored on CredoLab`s servers nor shared with other 3rd parties.

The mobile digital footprint is collected anonymously in the form of metadata. This metadata is only used only to calculate credit score and to determine the outcome of your application. We then determine the correlation between your applicant and the predicted default rate.

You can get more information on how we handle the data under our privacy policies.

Scorecard Development
What is the Gini coefficient of an average CredoLab scorecard?

The Gini coefficient of CredoLab's scorecards varies from client to client. As of today, CredoLab has consistently delivered scorecards with an average of 30% higher Gini coefficient than the traditional scorecards used by the client.

Partners
Who are CredoLab's current partners?

Within a short span of time, CredoLab has grabbed the attention of the right kind of businesses who have partnered with us to offer a wholesome solution to our clients.

CredoWeb
What is the two-fold intelligence that CredoWeb provides?

CredoWeb focuses on two levels of analysis: Behavioural Application Analysis of the user and Anti-Fraud Checks of the device.

ScoreMe
How big is the ScoreMe application?

The ScoreMe application is approximately 2MB in size.

Fraud Score
What are the different kinds of fraud checks conducted by the fraud check algorithm?

Our fraud check algorithm protects you from 45 types of fraud and abuse:

  • Payment fraud
  • New Account Fraud
  • Application Fraud
  • Policy Violation
  • Account Takeover
  • Claims Fraud
  • Loan Default
  • Identity Theft
Service-Level Commitment
Response times

Incidents are prioritized based on severity level below to ensure that those with the highest business impact are resolved first. Technical support resources are available during local business hours.

  • Level 1: Critical Service Impact (A service failure or severe degradation. Case critically affects the primary business service). 4 business hrs first response time, 24 business hours resolution time.
  • Level 2: Significant Service or Implementation Impact (A service failure or severe degradation. Case critically affects the primary business service). 6 business hrs first response time, 72 business hours resolution time.
  • Level 3: Moderate Service Impact (Product features are unavailable but a workaround exists). 8 business hrs first response time, 10 business days resolution time.
  • Level 4: No Service Impact (Non-critical cases, general questions, enhancement requests, documentation cases, issues that have very little to no impact on functionality). 12 business hrs first response time, 15 business days resolution time.
Data Privacy
Is the interface between your clients and the service platform encrypted?

Yes, CredoLab's end-to-end communication protocols are encrypted.

Getting Started
Once we have signed the contract, how long does it take to go-live with your digital scores?

There are 4 stages to getting started with CredoLab.


A close up of a mapDescription automatically generated

Stage 1: Data Collection


The first stage involves collecting data on your customers. This can be done through CredoWeb, CredoSDK, CredoApp or CredoApply. The objective of this stage is to feed a good sample of data sets to the scoring algorithm in order to build final, custom scorecard for your business. This includes both good and defaulting customers. Ideally, we suggest having at least 300 defaulting customers in the data mix to ensure the algorithm is trained how to identify these customers and flag them. The duration of this stage varies from two to three months depending on the availability of data.

Note: no scores are generated at this stage. Merely collection of data is done to train the scoring machine/algorithm.

Stage 2: Outcome Window


This refers to examining the outcome of the credit disbursed during the start of the data collection stage. The scoring algorithm used this to match the features of applicant to their outcomes. Thus, the more data and their outcomes are fed into the machine, the more comprehensive the learning, and the more accurate the scoring algorithm gets. This stage starts form the first month and can last up to three months depending on the availability or satisfying mix of data to feed into the algorithm.

Stage 3: Model Development


Once we have the data and their outcomes, our standard scoring model is tweaked to customize it for your business, market and objective. The machine/algorithm is trained to identify a defaulting and fraudulent customer from day 1. This stage takes up to one week to complete, depending on the complexity of the features considered for scoring.

Stage 4: Production


After testing the customized scoring algorithm and ensuring it works perfectly, we then roll it out and make it live to be used by you. You can start generating scores now.

CredoSDK
What is the size of the average datasets?

The file containing the metadata used to calculate the credit score is no bigger than 120kb.

Scoring
Can the App collect data in the background?

No. The only time the app is active is when the customer initiates the scoring process. Once the score is sent to the backend, the app is defunct. It does not access any data or remain active in the background. The customer is free to delete the app right after the scoring is done.

You can get more information on how we handle the data under our privacy policies.

CredoApp
What is the size of the average datasets?

The file containing the metadata used to calculate the credit score is no bigger than 50kb.

How does CredoApp function?

CredoApply
How big is the CredoApply App?

The App is approximately 7Mb in size.

Scorecard Development
How does CredoLab develop its digital scorecards?

We have arrived at this 7 step process of developing a scorecard after years of analysis of what goes into designing the perfect engine that can assess the creditworthiness of each applicant efficiently. Each step is executed closely with your team to ensure its customized to your objectives, business, and markets amongst other relevant factors. Here's a snapshot of what the process looks like:

Partners
How can I be a part of CredoLab's partner ecosystem?

Get in touch with us at partners@credolab.com with your information and our partnership team will get in touch with you right away.

How big is the CredoApply App?

The App is approximately 7Mb in size.

CredoWeb
What does Behavioural Application Analysis entail?

CredoLab’s Behavioural Application Analysis is a new solution that assesses users while they apply for a loan or credit card on a lender’s or aggregator’s website. CredoLab’s Behavioural Application Analysis uses behavioural metrics to build profiles of users’ behaviours that include:

  • How they type, the keys that they press and how they press them?
  • How they move the mouse on the screen?
  • How quickly they answer questions that they should know?
  • How slowly they answer questions that they may not know immediately?
  • How they swipe left to right on a mobile platform or utilize other gestures?
  • How uniform is the typing rhythm?

Through the behavioural monitoring of a user’s loan or credit card application, we provide lenders with a new credit assessment tool based on users’ actions. We crunch these metrics with an algorithm that also accounts for behavioural variances across platforms and can detect if automated activity might be involved (for instance, a bot for application form completion or past e o r autocompletion tool).

CredoLab’s Behavioural Application Analysis seamlessly integrate in any mobile app and website. It collects behavioural metrics via a simple JavaScript that enriches the credit assessment without introducing any friction in the user experience.

ScoreMe
How does ScoreMe function?

Once downloaded, the ScoreMe requests for permissions to be granted to access the metadata of the smartphone and process the data into a credit score. On approving the access, the customer can immediately see his/her score. The customer is then presented with possible products that they are eligible to apply for. On picking their preferred product, the request for application and the score is sent to your team. This provides a pre-approved list of quality leads for your sales and underwriting team to process further.

How does Credo ScoreMe function?

Once downloaded, the Credo ScoreMe requests for permissions to be granted to access the metadata of the smartphone and process the data into a credit score. On approving the access, you can immediately see your score. You are then presented with possible products that you are eligible to apply for. If you choose to pick a product of your preference, the request for application and the score is sent to the financial institution. This provides them a pre-assessed application that will fasten the processing of the application and guarantee you a higher chance of approval.

Does the fraud score check any additional data access?

No. The fraud check is done with the same meta data accessed after explicit consent is taken from the customer. The customer is given full information on how and for what purposes the metadata collected will be used while requesting for access. We believe in complete transparency and do our best to ensure you are in full control of your data – even though its non-identifiable metadata.

Fraud Score
Does the fraud score check any additional data access?

No. The fraud check is done with the same meta data accessed after explicit consent is taken from the customer. The customer is given full information on how and for what purposes the metadata collected will be used while requesting for access. We believe in complete transparency and do our best to ensure your customers know they are in full control of their data – even though its non-identifiable metadata.

Service-Level Commitment
Error handling

CredoLab agrees, represents, and warrants to use commercially reasonable efforts to resolve errors in a manner consistent with the requirements of the Client, the Agreement, the Services, and our SLA. CredoLab shall use the standard HTTP response codes to indicate specific failure modes. The high-level breakdown of the standard HTTP error conditions and how Client's system will interpret these are as follows:

  • 2xx:  Supplier API has received, understood, and accepted a request.
  • 3xx:  Further action is required in order to complete the request.
  • 3xx: An error occurred in handling the request. The most common cause of this error is an - invalid parameter.
  • 5xx: Supplier API received and accepted the request, but an error occurred while handling it.
Can the App collect data in the background?

No. The only time the app is active is when you initiate the scoring process. Once the score is sent to the backend, the app is defunct. It does not access any data or remain active in the background. You are free to delete the app right after the scoring is done.

You can get more information on how we handle the data under our privacy policies.

Data Privacy
What kinds of data do you collect?

CredoLab collects privacy consented, non Personally Identifiable Information (PII) anonymous metadata, such as:

  • SMS, Log, Email, Network: We analyse SMS, Email and Network communication activity, not actual content, including frequencies, ratios, intervals between actions, distribution, and entropies.
  • Contacts: We analyse the address book and correlate it with the communication activity including existing contacts or unknown ones or short numbers without moving any contact outside the mobile.
  • Device: We analyse all characteristics of the device including the model, display size, RAM size, storage size and utilization, age of the device.
  • Browsing History: We analyse the browsing history including browsing patterns, preferences or simply intent to apply for a lending product.
  • Applications: We analyse the type of apps including competitive lending apps, office applications, e-wallets, and suspicious ones such as TOR or VPN.
  • CredoLab can also collect Non-anonymous data: In this mode, the CredoApp and CredoSDK collect the content of text messages, the actual phone numbers, the names and details of contacts in the address book, the geolocation and other personal data. This approach allows your institution to dramatically increase the accuracy of KYC while opening up new use cases including skip tracing and collections management.

Getting Started
Once we reach production, how can my underwriting team start generating scores on the applicants?

For each applicant you receive, you can generate a unique ID from the backend and send an SMS/Email to the applicant giving them instructions on how to proceed with the digital score generation. You can view the entire process in the video below.

CredoSDK
Once I have integrated the SDK into my app, how can I start scoring my customers?

Refer to Scoring to know more on how to kick off scoring your customers. Watch the video below to get a quick understanding how the customer would use the app once ready.

Scoring
What if the customer refuses to grant permissions to access the device data?

Then CredoLab will not be able to generate a score for that applicant. The score is generated based on the information allowed to access.  The more permissions granted, the more accurate the score will be reflected and thus, higher the chances of getting a better approval score.

CredoApp
How does CredoApp function?

What permissions need to be granted in order for CredoApp to be able to collect data before scoring?

We collect data permissions from 8 main, broad categories - Apps, messages, contacts, image and audio files, emails, calendars and downloads. We give you control of which permissions you want to allow, and which you'd like to decline access to.

CredoApply
What permissions need to be granted in order for CredoApply to be able to collect data before scoring?

We collect data permissions from 8 main, broad categories-- Apps, messages, contacts, image and audio files, emails, calendars and downloads. We allow the customer to control which permissions they want to allow, and which they’d like to decline access to.

Scorecard Development
What info can I see during the scorecard development phase?

During the scorecard development phase you will be able to monitor the progress of datasets uploaded but will not receive a score. The very purpose of the data collection phase is to collect enough dataset required to tailor-make the scorecard model. After you approve the scorecard, we then put it into production and starts charging a fee per requested score. At the end of the pilot you will receive the scorecard and the underlying features.

What permissions need to be granted in order for CredoApply to be able to collect data before scoring?

We collect data permissions from 8 main, broad categories- Apps, messages, contacts, image and audio files, emails, calendars and downloads. We give you control of which permissions you want to allow, and which you'd like to decline access to.

CredoWeb
What does the Anti-fraud Checks of CredoWeb entail?

CredoLab’s Anti -Fraud Checks help you assess the devices used to apply for a loan or a credit card. In collaboration with TransUnion, previously iovation, CredoLab’s new anti-fraud solution analyses the context of an application on mobiles, computers, and tablets and helps answer the following questions:

  • Is this a new device or have we seen it before?
  • Is device being evasive?
  • Are there geolocation risks?
  • Are there device risks present?
  • Does device have history of fraud?
  • Is device associated with other devices that have fraud history?

Through mobile device intelligence, we offer a new anti-fraud tool that helps you accurately separate the fraudsters from your good customers by identifying:

  • Evasion techniques: Transactions originating from TOR networks, use of a proxy server, or use of mobile
  • Device anomalies: Location mismatches, time zone and IP address changes, and transactions that originate from known high risk locations, IPs, or ISPs.
  • Risky device behaviours: High transaction volumes, too many accounts and/or geolocations per device, and past history of fraud or abuse.

CredoLab’s Anti-Fraud Checks seamlessly integrate in any device. It collects metrics via a simple JavaScript that enriches the credit assessment without introducing any friction in the user experience.

What permissions need to be granted in order for ScoreMe to be able to collect data before scoring?

We collect data permissions from 8 main, broad categories - Apps, messages, contacts, image and audio files, emails, calendars and downloads. We give you control of which permissions you want to allow, and which you'd like to decline access to.

Service-Level Commitment
Data protection

CredoLab agrees, represents, and warrants not to post, transmit, retransmit, or store material on or through the CredoLab Infrastructure that:

  1. is in violation of any applicable local, state, federal, international law, regulation, treaty or tariff; or
  2. violates the rights of any person, including rights protected by copyright, trade secret, patent or other intellectual property or similar laws or regulations, including, but not limited to, the installation or distribution of pirated or other software products that are not appropriately licensed for use by CredoLab.

CredoLab agrees, represents, and warrants to comply with data protection laws and regulations that apply to the performance of its obligations under this SLA and to process any personal data (including any which forms part of the Client's Data) as a result of, or in connection with, the provision of the Services to the Client strictly in accordance with Clients’s instructions and/or all applicable data protection laws and regulations and not otherwise. CredoLab agrees to take reasonable, appropriate technical, business, and organizational measures against accidental, deliberate, or unauthorized destruction, loss, alteration or disclosure of any data and implement adequate security programs and procedures to ensure that unauthorized persons do not have access to any equipment used to process personal data as part of the Services.

CredoLab agrees, represents, and warrants not to use or disclose Client’s Data or any end-user data, except to perform the Services and conduct activities authorized in this SLA.

ScoreMe
What permissions need to be granted in order for Credo ScoreMe to be able to collect data before scoring?

We collect data permissions from 8 main, broad categories - Apps, messages, contacts, image and audio files, emails, calendars and downloads. We allow the customer to control which permissions they want to allow, and which they’d like to decline access to.

What does the Anti-fraud Checks of CredoWeb entail?

CredoLab’s Anti -Fraud Checks help your lender assess the devices used to apply for a loan or a credit card. In collaboration with TransUnion, formerly iovation, CredoLab’s new anti-fraud solution analyses the context of an application on mobiles, computers, and tablets and helps answer the following questions:

  • Is this a new device or have we seen it before?
  • Is device being evasive?
  • Are there geolocation risks?
  • Are there device risks present?
  • Does device have history of fraud?
  • Is device associated with other devices that have fraud history?

Through mobile device intelligence, we offer a new anti-fraud tool that accurately separate the fraudsters from good customers by identifying:

  • Evasion techniques: Transactions originating from TOR networks, use of a proxy server, or use of mobile
  • Device anomalies: Location mismatches, time zone and IP address changes, and transactions that originate from known high risk locations, IPs, or ISPs.
  • Risky device behaviours: High transaction volumes, too many accounts and/or geolocations per device, and past history of fraud or abuse.
Data Privacy
You collect so much of people's data. What if it leaks out?

With the anonymous approach, CredoLab focuses on protecting the users’ data privacy. Even if users’ data are stolen, it would be impossible to identify neither a user, or any of her contacts, or fetch any other information from a data set. CredoLab does not collect the content of messages or emails, phone numbers, contact names, geolocation or any other personal data.

Getting Started
What is the unique ID for?

In order to maintain the anonymity of the applicant, CredoLab connects every end-user's application to a unique identifier generated from the backend by you. This identifier could be the card/loan application number, or any alphanumeric combination. Only you will be able to see who this ID belongs to.

CredoSDK
What permissions need to be granted in order for the App using your SDK to be able to collect data before scoring?

We collect data permissions from 8 main, broad categories-- Apps, messages, contacts, image and audio files, emails, calendars and downloads. We allow the customer to control which permissions they want to allow, and which they’d like to decline access to.

CredoApp
What permissions need to be granted in order for CredoApp to be able to collect data before scoring?

We collect data permissions from 8 main, broad categories-- Apps, messages, contacts, image and audio files, emails, calendars and downloads. We allow the customer to control which permissions they want to allow, and which they’d like to decline access to.

How long does it take for CredoApp to collect and process the data, and generate the credit score?

The process is completed faster than you can say "CredoLab". The app begins accessing data only after the you have granted the required permissions. Within seconds the score is generated and sent to the financial institution. Do note that all CredoApp does is take a 'snapshot' of the device usage and does not track information over time. Once the score has been successfully sent to the backend, the app is defunct and can be deleted.

You can get more information on how we handle the data under our privacy policies.

CredoApply
What if the customer refuses to grant permissions to access the device data?

Then CredoLab will not be able to generate a score for that applicant. The score is generated based on the information allowed to access.  The more permissions granted, the more accurate the score will be reflected and thus, higher the chances of getting a better approval score.

Scorecard Development
What happens during Data Collection?

Data collection is the process consisting of two steps: Gathering information from customers and Gathering information using the performance data.

In the first step, information is collected from the customers using White-label CredoApp, White-label CredoApply or CredoApp SDK. During this phase you can monitor the datasets uploaded onto CredoLab' servers to check it's quality (no duplicates etc). The data collected is used to train the AI algorithms used to select the most predictive delinquent behavioural patterns.

In order to build a tailor-made scorecard, you also need to provide us with performance data for the disbursed credit alongside the collected metadata from the customers. This performance data file should contain a binary target indicating if a borrower is “good” or “bad” (from credit risk perspective).

Given the behavioural nature of the score, we will tailor-make each scorecard based on the particular population and product that you want to assess.

What if I refuses to grant permissions to access the device data?

Then CredoLab will not be able to generate a score. The score is generated based on the information allowed to access.  The more permissions granted, the more accurate the score will be reflected and thus, higher the chances of getting a better approval score.

CredoWeb
How big is the CredoWeb JavaScript?

Sizing is minimal as we simply implement a few lines of coding to embed the data collection and scoring algorithm into the application web page.

Couldn’t find an answer to your query? Get in touch with us directly at faqs@credolab.com.