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FinTech Buzz 2020-07-28
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The financial technology firm Equifax has bought a commercial credit data company, Ansonia Credit Data.

The monetary figures of the deal have not been disclosed yet.Under the terms of the deal, the commercial credit firm will be seen integrating into a division of Equifax that delivers credits as well as for analytics for small and medium-sized businesses (SMBs), PayNet, as a part of the USIS (US Information Solutions) business unit.Ansonia holds a specialty in invoice receivables, logistics, and transportation and stated that the firm has over $1.3 trillion in data of accounts receivable from sectors and industries in North America.Some of the top contenders of Ansonia are Cortera based out of Florida, Advantage Credit from Colorado, and Pennsylvania’s Universal Credit Services.The fintech solutions provider, Equifax, stated that adding the data from Ansonia will complement the commercial database of small and medium-sized business loans, credit lines, and leases, inclusive of the Equifax Commercial Financial Network (CFN) as well as the database of PayNet.Sid Singh, the president of Equifax USIS stated that integrating Ansonia into the USIS business of Equifax will provide the company with a rich source and channel of tailored intelligence that will meet the requirements of just capital providers that offer credit to logistics and transportation firms.Anthony Kinninger, the president and founder of Ansonia stated that the firms’ integration into Equifax will give it the extra resources as well as abilities that the firm needs to further innovate and scale finances teams that are focused on the logistics and the transformation industry.Follow fintecbuzz for more such fintech news and related information. 

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Ralph Vandermeer 2019-09-19
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Tencent and Alibaba are refusing to cooperate with government-backed credit scoring company Baihang’s request for customer loans data, Financial Times reported on Thursday.

The tech giants had been asked to grant access to their customers’ credit data and personal information.

Why it matters: Baihang, the only personal credit score provider in China, has been struggling to get credit data from major tech companies, which are reluctant to relinquish control over valuable user data.

The People’s Bank of China (PBOC) launched Baihang last year in a bid to create a unified national system for credit data.

The PBOC made Chinese fintech giants, including Tencent and Ant Financial, the shareholders of Baihang, expecting a smooth handover of consumer data.

Tencent, the operator of Chinese messaging and payment platform WeChat, and Ant Financial, the company behind mobile payment app Alipay, hold troves of customer data—perhaps more than any other companies in China.

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Victor Mcbride 2021-01-11
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Regulators in China want to prevent excessive borrowing and fraud issues occurring by monitoring consumer credit data more closely.
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0
Joseph White 2017-09-28
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Is it too late now to say sorry, Equifax?

In a lengthy mea culpa in The Wall Street Journal on Thursday, the company's new interim CEO Paulino do Rego Barros Jr. apologized for its massive data breach and Equifax's subsequent response.

In recompense, Barros promised a new service would launch by Jan. 31, 2018, that gives Equifax customers control of access to their credit data.

The as-yet-unnamed service will be free for life, Barros said.

"The service we are developing will let consumers easily lock and unlock access to their Equifax credit files," he said.

"You will be able to do this at will.

collect
0
James Musick 2016-01-15
img

the employer's opportunities to find out the job seeker or already a task of the selected background information on the various registers provided in the law, told the economist.

in finland, the protection of the police security intelligence unit makes almost all individuals regarding security clearances.

personnel security clearances may be limited, basic-shaped or broad.

in the banking sector, it is common for the employer to figure out certain tasks of the selected credit information and make a personnel security clearance.

for Example, the CREDITS according to the Group, its companies do is to do the task on the safety report in accordance with the law the basic shape of a personnel security clearance of the person reliability and fit to ensure.

"the basic shape of the personnel security clearance data sources include, inter alia, of credit data," explains head of unit Elina Reini share of the bank group.

collect
0
Jerry Miller 2017-09-28
img

There's no denying the fact that Equifax's recent data breach was one of the worst the country has ever seen.

In addition to damaging the public's trust in the company, the hack has raised concerns about the very existence of credit bureaus in general, with many losing confidence in the abilities of said agencies to keep their data secure.

Equifax has been trying to repair that damaged trust, one step at a time.

The recent resignation of former CEO Richard Smith, who was at the helm during the data breach, was a start.

Step two for the credit reporting agency comes in the form of a letter of apology from interim chief executive Paulino do Rego Barros.

In the letter, the interim CEO explained that the company is fully committed to offering consumers both "short and long-term support" for their data security.

collect
0
Eric Faulkner 2020-12-11
img

A White label lending platform can be used by financial institutions, loan brokers, credit rating agencies, affiliates, and external agencies with ease.The features include support for various loan products, anti-fraud prevention mechanism, integration with banking services, paperless processing, KYC/AML verification of all the users, usage of electronic signatures, utilization of detailed scoring parameters, and provision of detailed statistical analysis through interactive graphs and charts.

We comply with the regulations issued by GDPR, IFRS, and PSD2.

A borrower has to apply for a loan on the platform, his credit data will be gathered and extensively scrutinized, his request will be matched with a prospective lender, and the lender will disburse the loan once he is satisfied with the borrower’s eligibility and financial background.

The advantages ensured are 24x7 availability of information via web and mobile, real-time data verification, AI-driven marketplace, and extensive credit monitoring.

Reveal your business needs to our stupendous developer team and set up a white label lending platform in no time.  

collect
0
Thomas Shaw 2021-05-21
img

Inside the wake of a major restructuring, CEIS launched in July 2015 a series of new products and services in response to China's "Belt and Road" Initiative, with Xinhua Silk Road Facts Division in the helm, as a result taking around the mission of linking people, enterprises and institutions in countries and regions along the Belt and Road and facilitating information sharing and business cooperation.

Get extra information regarding 丝路As a multi-language platform focusing on details associated for the “Belt and Road” Initiative, Xinhua Silk Road serves international participants on the initiative with all-dimensional, complete workflow information and facts products and consulting services, inside a bid to assist Chinese companies “go out” and companies outdoors China “come in.” Its services cover information search engine, country-specific study, business project release and trade matching, also as investment and international trade-related customized services covering such fields as finance, patent, accounting, tax affairs, law affairs, training and exhibition.Xinhua Silk Road DatabaseXinhua Silk Road Database can be a bilingual (Chinese and English) multi-media information product and service platform aimed at helping users improved comprehend China and countries and regions along the Belt & Road, and seize the trade and investment opportunities brought about by the Belt & Road Initiative.Xinhua Silk Road Database provides clients with Belt and Road-related news and publications such as the Belt & Road Weekly, FDI in China, Customized Reports, China’s big economic and development data, business environment assessments by nation and by Chinese province, Chinese company database, also as project database.Xinhua Silk Road Websiteen.imsilkroad.com (www.xhsilkroad.com) is actually a web portal for Xinhua Silk Road facts products and services which provides Belt and Road-related government policies by China and relevant countries, official documents, market facts, investment and financing environment, project progress too as updated news and experts’ views, all free of charge.

It also offers businesses and institutions a platform to showcase their products, services, achievements and events, with built-in online interaction and commenting function.

Besides, it serves as the foregate towards the Xinhua Silk Road Database and a number of domestic and overseas subsites while offering links to our partners’ sites.Consulting and Think-tank ServicesOur consulting and think-tank services are a suite of tools that offer personalized solutions and decision support for clients.

They consist with the Xinhua Silk Road Think-tank Service, which collects the opinions of key worldwide think tanks, the Xinhua Silk Road Public Opinion Service, which monitors Chinese and foreign media coverage, and other products and services tailored for the needs of certain clients.Xinhua Credit InformationXinhua Credit Data provides government businesses clients with objective and independent data gathering, processing and rating services based on integrating credit data acquired from government organs, enterprises and other organizations and employing advanced technical means and assessment measures.

Its main services include credit data reports, credit investigations, credit consulting and assessment.Trade Matching ServiceXinhua Credit Data provides government businesses clients with objective and independent facts gathering, processing and rating services based on integrating credit data acquired from government organs, enterprises and other organizations and employing advanced technical means and assessment measures.

collect
0
John Robidoux 2017-07-10
img

When we said 'Credit Card details have not been compromised', we meant…

UK motoring organisation The AA belatedly admitted late on Friday, July 7th that customer data – including in some cases partial credit card numbers – had been exposed in a recent breach.

Security experts gave the confession a frosty response while a specialist IT lawyer said incident response handling of this type would risk severe sanctions when new data protection laws come into effect next May.

The AA's admission follows days of apparent denials in the face of confirmation of a problem by security researchers Troy Hunt and Scott Helme.

The breach affected 117,000 customers of the AA's online accessories store and resulted in the exposure of personal information (names, addresses, phone numbers and email addresses) and, in some cases, partial credit card data (expiry dates and the final four digits of payment cards).

It took them ages to come clean that a breach had occurred at all and, of course, an eternity to 'fess up and notify affected users.

collect
0
Donald Ellison 2019-09-25
img

“AI gap” believers make much of China’s advantages in data, especially vis-a-vis the social credit system.

Unbound by privacy norms, the story goes, the state is hoovering up data that will allow the world’s most populous nation to train AI on the world’s largest data sets.

Beijing has repeatedly vowed to make social credit data available to the public.

But how much of this data is actually making it to users?

Not too much, finds this week’s translation—a heavily abridged academic article from the Journal of Library and Information Science.

Based on a review of data availability across local governments, the researcher finds that data provision is patchy and poorly standardized.

collect
0
Michael Lofton 2017-09-15
img

Equifax announced late Friday that its chief information officer and chief security officer would leave the company immediately, following the enormous breach of 143 million Americans’ personal information.

It also presented a litany of security efforts it made after noticing suspicious network traffic in July.

The credit data company said that Susan Mauldin, who had been the top security officer, and David Webb, the chief information officer, were retiring from Equifax.

Mauldin, a college music major, had come under media scrutiny for her qualifications in security.

Equifax did not say in its statement what retirement packages the executives would receive.

Webb is being replaced by Mark Rohrwasser, who most recently was in charge of Equifax’s international technology operations.

collect
0
Charles Janow 2018-02-06
img

Consumer credit reporting agency Equifax stunned the world late last year, admitting to major hacks in the spring and summer of 2017, exposing credit data on millions of consumers across multiple countries including the U.S., U.K., and Canada.

Now, Reuters alleges that one major investigation into the hack is spinning its wheels.

Sources say the Consumer Financial Protection Bureau (CFPB), a federal agency that oversees consumer protection in the financial arena, has allowed its investigation to wither.

The CFPB, then lead by Richard Cordray, began its investigation in September 2017.

Mick Mulvaney, appointed as Cordray’s replacement by President Donald Trump, may not be pursuing the investigation with vigor.

Finally, the agency is said to be uncooperative with regulators from the Federal Reserve, among others.

collect
0
Mike Estes 2016-06-07
img

Past financial mistakes can stick around for a long time on your credit report and make your life difficult in many ways.

FICO occasionally tries to remedy this with new scoring models, and their latest change is aimed at auto loans.

According to FICO, their new Auto Score 9 XT will give consumers a better chance to qualify for car loans with the best terms available presumably, that means lower interest rates .

In a press release, they explain:

The trended data is pulled from TransUnion CreditVision, which enhances lending decisions by leveraging an expanded view of consumer credit data.

Whereas a traditional credit report offers a glimpse of consumer data at a snapshot in time, trended data includes up to 30 months of historical information.

FICO Drives More Predictive Credit Scoring with FICO Auto Score 9 XT Based on TransUnion CreditVision Data PR Newswire via Credit.com

collect
0
Danny Duck 2017-03-22
img

For millions of immigrants and temporary foreign residents in the U.S., establishing a financial identity here can be complicated and expensive.

Since credit reports don’t cross borders, an immigrant with an exceptional credit score in his home country may arrive in the U.S. as “credit invisible” — a status that may render him ineligible for loans or long-term housing.

“From getting a credit card, an auto loan, or getting a mortgage, all those use cases require a financial identity,“ said Misha Esipov, CEO of Nova Credit, a startup that’s developed a product called “Nova Credit Passport,” an alternative credit report that’s based on credit bureau data from other countries.

The product launched last summer.

Nova Credit is an alternative score to assess foreign residents’ creditworthiness based on their home country credit data.

It can also be used for Americans returning to the country after years working abroad.

collect
0
Bradley Liss 2019-09-12
img

Chinese cryptocurrency project GXChain has halted operations after police raided and sealed its offices in the eastern city of Hangzhou, local media reported (in Chinese) on Wednesday.

The reason for the crackdown is unknown and company executives have been taken in for questioning.

Why it matters: The raid follows a stream of busts on cryptocurrency scams and Ponzi schemes in the country.

However, GXChain was regarded by the cryptocurrency community as one of China’s few legitimate projects.

Details: Dovey Wan, founding partner of Primitive Ventures, first broke the news said in a tweet saying that unlike some of the recent crackdowns, authorities had turned their attention to a cryptocurrency project with a working business model.

The case could relate to GXChain’s other business activities such as the scraping and processing of sensitive information including personal credit data, according to online media outlet Jinse Finance (in Chinese).

collect
0
William Hanselman 2018-11-29
img

The technologies aren’t new, far from it.

Companies are looking to cash in on this trend, but by developing data-first strategies they could be putting the country’s citizens at risk.

He added that renting power banks will create the second largest market after bike sharing for credit data generation by recording users’ rental patterns.

This is similar to platforms such as Alibaba’s Sesame Credit, thereby creating opportunities for new players who wish to use data for future non-power bank businesses, such as in retail.

“Many new retail startups, particularly those involved with hardware and cloud services, essentially run data businesses,” said the vending machine executive, who requested anonymity citing his sensitive position within the industry.

Michael Shu, general manager of the Auto Intelligent Ecology Institute at Chinese carmaker BYD, told the audience at TechCrunch that, in the past machines we used every day merely needed to protect users’ physical safety.

collect
0
FinTech Buzz 2020-07-28
img

The financial technology firm Equifax has bought a commercial credit data company, Ansonia Credit Data.

The monetary figures of the deal have not been disclosed yet.Under the terms of the deal, the commercial credit firm will be seen integrating into a division of Equifax that delivers credits as well as for analytics for small and medium-sized businesses (SMBs), PayNet, as a part of the USIS (US Information Solutions) business unit.Ansonia holds a specialty in invoice receivables, logistics, and transportation and stated that the firm has over $1.3 trillion in data of accounts receivable from sectors and industries in North America.Some of the top contenders of Ansonia are Cortera based out of Florida, Advantage Credit from Colorado, and Pennsylvania’s Universal Credit Services.The fintech solutions provider, Equifax, stated that adding the data from Ansonia will complement the commercial database of small and medium-sized business loans, credit lines, and leases, inclusive of the Equifax Commercial Financial Network (CFN) as well as the database of PayNet.Sid Singh, the president of Equifax USIS stated that integrating Ansonia into the USIS business of Equifax will provide the company with a rich source and channel of tailored intelligence that will meet the requirements of just capital providers that offer credit to logistics and transportation firms.Anthony Kinninger, the president and founder of Ansonia stated that the firms’ integration into Equifax will give it the extra resources as well as abilities that the firm needs to further innovate and scale finances teams that are focused on the logistics and the transformation industry.Follow fintecbuzz for more such fintech news and related information. 

Victor Mcbride 2021-01-11
img
Regulators in China want to prevent excessive borrowing and fraud issues occurring by monitoring consumer credit data more closely.
James Musick 2016-01-15
img

the employer's opportunities to find out the job seeker or already a task of the selected background information on the various registers provided in the law, told the economist.

in finland, the protection of the police security intelligence unit makes almost all individuals regarding security clearances.

personnel security clearances may be limited, basic-shaped or broad.

in the banking sector, it is common for the employer to figure out certain tasks of the selected credit information and make a personnel security clearance.

for Example, the CREDITS according to the Group, its companies do is to do the task on the safety report in accordance with the law the basic shape of a personnel security clearance of the person reliability and fit to ensure.

"the basic shape of the personnel security clearance data sources include, inter alia, of credit data," explains head of unit Elina Reini share of the bank group.

Eric Faulkner 2020-12-11
img

A White label lending platform can be used by financial institutions, loan brokers, credit rating agencies, affiliates, and external agencies with ease.The features include support for various loan products, anti-fraud prevention mechanism, integration with banking services, paperless processing, KYC/AML verification of all the users, usage of electronic signatures, utilization of detailed scoring parameters, and provision of detailed statistical analysis through interactive graphs and charts.

We comply with the regulations issued by GDPR, IFRS, and PSD2.

A borrower has to apply for a loan on the platform, his credit data will be gathered and extensively scrutinized, his request will be matched with a prospective lender, and the lender will disburse the loan once he is satisfied with the borrower’s eligibility and financial background.

The advantages ensured are 24x7 availability of information via web and mobile, real-time data verification, AI-driven marketplace, and extensive credit monitoring.

Reveal your business needs to our stupendous developer team and set up a white label lending platform in no time.  

John Robidoux 2017-07-10
img

When we said 'Credit Card details have not been compromised', we meant…

UK motoring organisation The AA belatedly admitted late on Friday, July 7th that customer data – including in some cases partial credit card numbers – had been exposed in a recent breach.

Security experts gave the confession a frosty response while a specialist IT lawyer said incident response handling of this type would risk severe sanctions when new data protection laws come into effect next May.

The AA's admission follows days of apparent denials in the face of confirmation of a problem by security researchers Troy Hunt and Scott Helme.

The breach affected 117,000 customers of the AA's online accessories store and resulted in the exposure of personal information (names, addresses, phone numbers and email addresses) and, in some cases, partial credit card data (expiry dates and the final four digits of payment cards).

It took them ages to come clean that a breach had occurred at all and, of course, an eternity to 'fess up and notify affected users.

Michael Lofton 2017-09-15
img

Equifax announced late Friday that its chief information officer and chief security officer would leave the company immediately, following the enormous breach of 143 million Americans’ personal information.

It also presented a litany of security efforts it made after noticing suspicious network traffic in July.

The credit data company said that Susan Mauldin, who had been the top security officer, and David Webb, the chief information officer, were retiring from Equifax.

Mauldin, a college music major, had come under media scrutiny for her qualifications in security.

Equifax did not say in its statement what retirement packages the executives would receive.

Webb is being replaced by Mark Rohrwasser, who most recently was in charge of Equifax’s international technology operations.

Mike Estes 2016-06-07
img

Past financial mistakes can stick around for a long time on your credit report and make your life difficult in many ways.

FICO occasionally tries to remedy this with new scoring models, and their latest change is aimed at auto loans.

According to FICO, their new Auto Score 9 XT will give consumers a better chance to qualify for car loans with the best terms available presumably, that means lower interest rates .

In a press release, they explain:

The trended data is pulled from TransUnion CreditVision, which enhances lending decisions by leveraging an expanded view of consumer credit data.

Whereas a traditional credit report offers a glimpse of consumer data at a snapshot in time, trended data includes up to 30 months of historical information.

FICO Drives More Predictive Credit Scoring with FICO Auto Score 9 XT Based on TransUnion CreditVision Data PR Newswire via Credit.com

Bradley Liss 2019-09-12
img

Chinese cryptocurrency project GXChain has halted operations after police raided and sealed its offices in the eastern city of Hangzhou, local media reported (in Chinese) on Wednesday.

The reason for the crackdown is unknown and company executives have been taken in for questioning.

Why it matters: The raid follows a stream of busts on cryptocurrency scams and Ponzi schemes in the country.

However, GXChain was regarded by the cryptocurrency community as one of China’s few legitimate projects.

Details: Dovey Wan, founding partner of Primitive Ventures, first broke the news said in a tweet saying that unlike some of the recent crackdowns, authorities had turned their attention to a cryptocurrency project with a working business model.

The case could relate to GXChain’s other business activities such as the scraping and processing of sensitive information including personal credit data, according to online media outlet Jinse Finance (in Chinese).

Ralph Vandermeer 2019-09-19
img

Tencent and Alibaba are refusing to cooperate with government-backed credit scoring company Baihang’s request for customer loans data, Financial Times reported on Thursday.

The tech giants had been asked to grant access to their customers’ credit data and personal information.

Why it matters: Baihang, the only personal credit score provider in China, has been struggling to get credit data from major tech companies, which are reluctant to relinquish control over valuable user data.

The People’s Bank of China (PBOC) launched Baihang last year in a bid to create a unified national system for credit data.

The PBOC made Chinese fintech giants, including Tencent and Ant Financial, the shareholders of Baihang, expecting a smooth handover of consumer data.

Tencent, the operator of Chinese messaging and payment platform WeChat, and Ant Financial, the company behind mobile payment app Alipay, hold troves of customer data—perhaps more than any other companies in China.

Joseph White 2017-09-28
img

Is it too late now to say sorry, Equifax?

In a lengthy mea culpa in The Wall Street Journal on Thursday, the company's new interim CEO Paulino do Rego Barros Jr. apologized for its massive data breach and Equifax's subsequent response.

In recompense, Barros promised a new service would launch by Jan. 31, 2018, that gives Equifax customers control of access to their credit data.

The as-yet-unnamed service will be free for life, Barros said.

"The service we are developing will let consumers easily lock and unlock access to their Equifax credit files," he said.

"You will be able to do this at will.

Jerry Miller 2017-09-28
img

There's no denying the fact that Equifax's recent data breach was one of the worst the country has ever seen.

In addition to damaging the public's trust in the company, the hack has raised concerns about the very existence of credit bureaus in general, with many losing confidence in the abilities of said agencies to keep their data secure.

Equifax has been trying to repair that damaged trust, one step at a time.

The recent resignation of former CEO Richard Smith, who was at the helm during the data breach, was a start.

Step two for the credit reporting agency comes in the form of a letter of apology from interim chief executive Paulino do Rego Barros.

In the letter, the interim CEO explained that the company is fully committed to offering consumers both "short and long-term support" for their data security.

Thomas Shaw 2021-05-21
img

Inside the wake of a major restructuring, CEIS launched in July 2015 a series of new products and services in response to China's "Belt and Road" Initiative, with Xinhua Silk Road Facts Division in the helm, as a result taking around the mission of linking people, enterprises and institutions in countries and regions along the Belt and Road and facilitating information sharing and business cooperation.

Get extra information regarding 丝路As a multi-language platform focusing on details associated for the “Belt and Road” Initiative, Xinhua Silk Road serves international participants on the initiative with all-dimensional, complete workflow information and facts products and consulting services, inside a bid to assist Chinese companies “go out” and companies outdoors China “come in.” Its services cover information search engine, country-specific study, business project release and trade matching, also as investment and international trade-related customized services covering such fields as finance, patent, accounting, tax affairs, law affairs, training and exhibition.Xinhua Silk Road DatabaseXinhua Silk Road Database can be a bilingual (Chinese and English) multi-media information product and service platform aimed at helping users improved comprehend China and countries and regions along the Belt & Road, and seize the trade and investment opportunities brought about by the Belt & Road Initiative.Xinhua Silk Road Database provides clients with Belt and Road-related news and publications such as the Belt & Road Weekly, FDI in China, Customized Reports, China’s big economic and development data, business environment assessments by nation and by Chinese province, Chinese company database, also as project database.Xinhua Silk Road Websiteen.imsilkroad.com (www.xhsilkroad.com) is actually a web portal for Xinhua Silk Road facts products and services which provides Belt and Road-related government policies by China and relevant countries, official documents, market facts, investment and financing environment, project progress too as updated news and experts’ views, all free of charge.

It also offers businesses and institutions a platform to showcase their products, services, achievements and events, with built-in online interaction and commenting function.

Besides, it serves as the foregate towards the Xinhua Silk Road Database and a number of domestic and overseas subsites while offering links to our partners’ sites.Consulting and Think-tank ServicesOur consulting and think-tank services are a suite of tools that offer personalized solutions and decision support for clients.

They consist with the Xinhua Silk Road Think-tank Service, which collects the opinions of key worldwide think tanks, the Xinhua Silk Road Public Opinion Service, which monitors Chinese and foreign media coverage, and other products and services tailored for the needs of certain clients.Xinhua Credit InformationXinhua Credit Data provides government businesses clients with objective and independent data gathering, processing and rating services based on integrating credit data acquired from government organs, enterprises and other organizations and employing advanced technical means and assessment measures.

Its main services include credit data reports, credit investigations, credit consulting and assessment.Trade Matching ServiceXinhua Credit Data provides government businesses clients with objective and independent facts gathering, processing and rating services based on integrating credit data acquired from government organs, enterprises and other organizations and employing advanced technical means and assessment measures.

Donald Ellison 2019-09-25
img

“AI gap” believers make much of China’s advantages in data, especially vis-a-vis the social credit system.

Unbound by privacy norms, the story goes, the state is hoovering up data that will allow the world’s most populous nation to train AI on the world’s largest data sets.

Beijing has repeatedly vowed to make social credit data available to the public.

But how much of this data is actually making it to users?

Not too much, finds this week’s translation—a heavily abridged academic article from the Journal of Library and Information Science.

Based on a review of data availability across local governments, the researcher finds that data provision is patchy and poorly standardized.

Charles Janow 2018-02-06
img

Consumer credit reporting agency Equifax stunned the world late last year, admitting to major hacks in the spring and summer of 2017, exposing credit data on millions of consumers across multiple countries including the U.S., U.K., and Canada.

Now, Reuters alleges that one major investigation into the hack is spinning its wheels.

Sources say the Consumer Financial Protection Bureau (CFPB), a federal agency that oversees consumer protection in the financial arena, has allowed its investigation to wither.

The CFPB, then lead by Richard Cordray, began its investigation in September 2017.

Mick Mulvaney, appointed as Cordray’s replacement by President Donald Trump, may not be pursuing the investigation with vigor.

Finally, the agency is said to be uncooperative with regulators from the Federal Reserve, among others.

Danny Duck 2017-03-22
img

For millions of immigrants and temporary foreign residents in the U.S., establishing a financial identity here can be complicated and expensive.

Since credit reports don’t cross borders, an immigrant with an exceptional credit score in his home country may arrive in the U.S. as “credit invisible” — a status that may render him ineligible for loans or long-term housing.

“From getting a credit card, an auto loan, or getting a mortgage, all those use cases require a financial identity,“ said Misha Esipov, CEO of Nova Credit, a startup that’s developed a product called “Nova Credit Passport,” an alternative credit report that’s based on credit bureau data from other countries.

The product launched last summer.

Nova Credit is an alternative score to assess foreign residents’ creditworthiness based on their home country credit data.

It can also be used for Americans returning to the country after years working abroad.

William Hanselman 2018-11-29
img

The technologies aren’t new, far from it.

Companies are looking to cash in on this trend, but by developing data-first strategies they could be putting the country’s citizens at risk.

He added that renting power banks will create the second largest market after bike sharing for credit data generation by recording users’ rental patterns.

This is similar to platforms such as Alibaba’s Sesame Credit, thereby creating opportunities for new players who wish to use data for future non-power bank businesses, such as in retail.

“Many new retail startups, particularly those involved with hardware and cloud services, essentially run data businesses,” said the vending machine executive, who requested anonymity citing his sensitive position within the industry.

Michael Shu, general manager of the Auto Intelligent Ecology Institute at Chinese carmaker BYD, told the audience at TechCrunch that, in the past machines we used every day merely needed to protect users’ physical safety.