Oct 14, 2021

Credolab to enhance Canadian Lenders Association’s Lenders API

Credolab to enhance Canadian Lenders Association’s Lenders API

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TORONTO — October 12, 2021 — The Canadian Lenders Association (CLA) is pleased to welcome credolab as a new approved vendor.

Credolab's embedded scoring technology provides deeper and more accurate behaviour insights to assess the creditworthiness of all Canadians, even new immigrants, fairly and unbiased. Credolab provides a novel fintech solution that leverages previously untapped behavioural smartphone and web metadata to determine the likelihood of any individual to repay a loan or credit card.

“Credolab is delighted to join the Canadian Lenders Association,” said Peter Barcak, credolab’s CEO & Founder. “With immigration a key element of Canada’s economic recovery and long-term prosperity, over 90% smartphone penetration, and a propensity of Canadians to use smartphones for financial purposes Canadian lenders can greatly benefit from adopting our technology to strengthen their risk management processes while approving more individuals more confidently.”

“We are excited to welcome credolab to the CLA family,” said Gary Schwartz, President of the CLA. “We are always on the lookout for innovative solutions for our growing list of members. By embedding credolab’s solution into CLA Lender’s API, complex data is transformed into relevant insights with real-time embedded risk assessment. These insights will enhance the existing Lenders API by building a model to identify if a device looks suspiciously similar to confirmed fraudulent devices, to deliver flags such as dedup fraud, clean match, velocity, and ID card tampering - especially fake templates and other ID fraud checks.”

About Canadian Lenders Association

The Canadian Lenders Association supports the growth of companies that are in the business of lending, or providing other means of credit, to small businesses and individuals by non-conventional or innovative means to exchange ideas and explore ways of improving the sector; encourage principled and professional practices by Innovative Lenders; educate the public at large about Innovative Lending; encourage individual potential borrowers to be informed about the appropriateness of Innovative Lending to the borrowers’ circumstance; and to advocate on behalf of, and represent the interests of Innovative Lenders.

About credolab

We believe loans improve lives. We also believe that traditional banking processes leave a lot of people out of the process. That’s why credolab is changing the way the world looks at credit. Our pioneering technology calculates credit scores based on people’s mobile and web behavioural data— so lenders can make decisions based on the way people live and work in the modern world. Making loans more accessible to more people benefits everyone. ‍‍




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