Startup gives expats and students a fairer credit rating
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Nearly 4.5 billion people don't have a formal credit score, meaning they cannot access loans or credits cards. Often these are expats, migrants or students who simply have a thin file — which reflects badly in traditional credit scoring models. Now, Aire promises to calculate a fair credit score for these potential borrowers — based on self-submitted data rather than past repayment history — and enable them to gain access to important financial products. Nearly 25 percent of the adult population in the US and UK fall into the 'thin file' bracket, meaning Aire's service will significantly increase the pool…
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