Credit bureau CRIF High Mark has entered into a strategic partnership with CreditVidya, a leader in alternative data-based credit assessment to provide lenders with credit scoring even for new-to-credit and ‘thin-file’ customers. Kalpana Pandey, MD & CEO, CRIF High Mark said the joint solution developed following the partnership will enable institutional lenders to expand their coverage to millions of currently underserved people – not just the ones who lack credit history but also the ‘thin-file’ customers who may have a minimal or insufficient credit history. The partnership is designed to help banks and NBFC’s to expand their coverage of unsecured retail loans significantly, by leveraging the power of alternative data to underwrite new-to-credit individuals profitably, she added. Abhishek Agarwal, CEO & co-founder of CreditVidya said this is a first-ever partnership with a credit bureau and it will allow lenders to underwrite millions of more individuals compared to before. CVScore, developed on a deep-learning Artificial Intelligence technology platform, is set to be a game-changer for the ecosystem and a never-before opportunity for lenders in India, he added.
