Sweden listed P2P lending provider TrustBuddy, announced today the upcoming launch of a proprietary credit scoring engine. Since the company’s inception, TrustBuddy has gathered huge amounts of loan data (+570 000 loans issued through the platform) that has allowed it to build
a completely new consumer credit-scoring engine for the Nordic markets.
This new credit-scoring engine, which will go live during June/July 2015, is built in-house using advanced mathematics and statistics on a cloud based architecture. The TrustBuddy scoring engine is a sizeable asset for the company and creates substantial value that will grow over time. Going forward,
TrustBuddy will no longer need to depend on 3rd parties’ credit scoring abilities.
By Q3 2015, TrustBuddy expects to have reduced the share of originated loan volume that reaches debt collection by 20% – 50% year-on-year, with the aid of our new credit policies and proprietary credit-scoring engine. This will have a substantially positive impact on the return to lenders on our platform.