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Rating firm Creditinfo unveils scoring system based on personality


Credit reference bureaus are using innovative methods to determine borrowers’ creditworthness. FILE PHOTO | NMG

Creditinfo has launched a personality-based credit assessment for the Kenyan market.

Chief executive Kamau Kunyiha said the system dubbed Coremetrix Psychometric Module would provide “more accurate credit decisioning and broader access to finance,” because of an additional layer of information on the consumer based on self-reporting and own personality.

He said by incorporating image-based testing, financial sector players would be able to add an additional layer of information on the applicant.

The new system is expected to better address key industry challenges, such as individuals with no credit history or with “thin files” in the credit rating bureau (CRB) parlance.

“The integration of innovative credit evaluation solutions based on personality features with a robust credit bureau system such as CBS will enable the Kenyan market to have a tangible competitive advantage in the area of credit,” said Mr Kunyiha.

“This information, combined with existing data or on its own, provides credit providers, financial service providers, insurance companies and risk managers with an alternative indication of a person’s creditworthiness and suitability for financial products where little formal credit history is available.”

The firm said the new credit assessment method would be used in conjunction with traditional scoring techniques but will also include consumers who were previously excluded from accessing credit due to lack of information.