Social Media Important Factor For Loan Approval

According to Aponte, it is a 100% online risk analysis platform that seeks to make the whole process of risk analysis much more efficient than the traditional ones that had previously been working, which allows you to be given an answer in less than a minute of whether or not you approve the credit on regions bank hours and they provide top services.

Basically the platform connects to different databases in real time, brings the information and processes it to vote a final score and on that it is decided if the loan is made or not to the applicant. In the case of Lineru, according to Aponte, the program is called 'machine learning', which analyzes about 4,500 different variables such as income, educational level, payment behavior, the tastes and preferences of people and their behaviors, all this analysis of information through social networks like Facebook.

Yes, he read social networks well. According to their interaction and what they do in them different companies and even financial institutions can determine if they accept or not a loan. Oscar Torres, director of Lenddo for Latin America, a company that analyzes information to determine if a person could pay or not, explains that what they do is use information from social networks, mobile devices or the personality of people, to tell the entity in less than a minute if it is viable or not to accept the loans.

Works directly with banks, in applications such as in order to generate them a customer rating, taking the data from the credit bureau and doing a joint analysis with the tools not traditional

On the other hand, what they do is analyze the online behavior of the applicants, on the one hand, they verify that the information entered by whoever asks for a loan is true, and on the other hand, it predicts according to the character of the person the disposition to pay ', qualifying it with a score that varies from 1 to 1,000.

Torres adds that Lend do not only uses social networks but also uses personal emails and general information on mobile devices to capture information. With this, you study what contacts you have, what applications you have installed, what are your tastes and preferences, what is your lifestyle, how is your digital consumption behavior, whether you have paid or not your credits and if it has always been fulfilled. It's basically 'X-rays' of your entire device and what it does in it.

According to federal reserve bank hours, this analysis is only done with the authorization of the client, because before doing the respective study, it is validated with him if he wants the process to be like that and he is told what is done with his information. "It's a totally transparent process for the client," adds Torres.

Tips for obtaining credit history 

Be transparent with the information, it does not matter if it is virtual or not.

Have a good payment behavior so that the report is positive and this serves both the finch and traditional financial institutions.

If you have problems contact the company that provided the service, because if you can not pay the fees are also can help with a refinancing.

How to know if the site where I am going to make the loan is safe?

Verify that the company is incorporated, for this you can enter by the RUES, review the corporate purpose and the address.

Do not believe in the platforms that ask for an advance to do the risk study.

Check that the contact information data is clear and legible.