CrePASS Solutions: Redefining Credit Scoring for Inclusivity and Accuracy

CrePASS Solutions, renowned as Korea’s leading non-financial professional personal Credit Bureau (CB) since December 2021, is recognized by the Financial Services Commission for its innovative approach to credit scoring. Moreover, it has over 130 credit-scoring projects under its belt. CrePASS Solutions has emerged as a frontrunner in alternative credit scoring. In addition, they have been approved by major financial institutions and companies, including Hyundai Card/Capital and SK Telecom.

The Pioneering STEPs Platform by CrePASS Solutions

CrePASS Solutions’ STEPs platform embodies their commitment to enhancing the credit scoring process. It combines traditional and alternative data, including telecommunications data from SK Telecom and VP(KT). This provides a comprehensive credit assessment. STEPs’ process, involving predictive analytics and big data, positions CrePASS Solutions as a key player in improving financial inclusivity.

How does STEPs Work?

• Data is collected using a predictive tool to measure risk, income, and repayment level. In addition, it uses over 300 variables representing relationships, psychology, and behavioral patterns to identify customers’ “willingness to repay” from mobile and social data.
• STEPs can ingest multiple data sources and provide a score. They can collect unstructured data from over 12,000 perspectives such as mobile, email, social media, etc.
• Data Scientists will find and build the right solution which will be reviewed monthly and calibrated as required.
• A team of experts will help you get set up. Therefore, these experts can troubleshoot any issues and provide analytic support and advice.

Beyond South Korea, CrePASS Solutions has expanded globally, marking its presence in countries like Kazakhstan, Indonesia, Guatemala, and Mongolia. It’s establishing a base in Singapore to penetrate the Southeast Asian market. This expansion is bolstered by partnerships with global entities like FICO and Lenddo EFL, showcasing CrePASS Solutions’ collaborative approach and international recognition.

Impressive Track Record and Vision for the Future

CrePASS Solutions’ success is evident in its projects, which have led to a 68% increase in loan approvals and a 56% improvement in delinquency rate efficiency. Therefore, their mission is particularly impactful in Southeast Asia, where they aim to serve the 300 million underbanked or unbanked adults. By enabling fair and affordable credit access through more accurate risk assessment, CrePASS Solutions is not just a business; it’s a movement toward financial equality.

Expertise and Innovation at the Core

The foundation of CrePASS Solutions’ success lies in its team. The company is well-equipped to lead the charge in alternative credit scoring. It has founders averaging over 20 years of experience in credit risk analytics and financial services. Moreover, they are backed by expert data scientists and advisors. Their experience, combined with several patents in progress, both domestically and internationally, underscores CrePASS Solutions’ commitment to innovation and excellence in the field.

CrePASS Solutions’ Role in Shaping a Fairer Financial World

CrePASS Solutions is not just redefining credit scoring; it’s pioneering a more inclusive financial landscape. By combining traditional and alternative data, global partnerships, and a commitment to serving the underbanked, CrePASS Solutions stands at the forefront of financial innovation. Their approach promises to be a game-changer in credit scoring, ensuring fairer and more accurate credit assessments for all.