US startup pilots a new way to evaluate credit history
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Spotted: US startup Petal is piloting a new way to provide credit to people with no (or poor) credit histories. Petal isn't a bank. It partners with WebBank, an online financial services platform. What makes Petal unique is that it uses machine learning to analyse an applicant's entire financial history to get a more detailed picture of financial behaviour. Using sophisticated data analysis, it looks beyond whether credit card bills were paid on time to assess things like whether rent was paid on time. The strategy replaces the traditional standard for credit card qualification - the credit score. This allows people who have…
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