VeraScore™ provides a financial health score by evaluating a broader range of financial data points than traditional credit scores, enabling lenders to assess consumer risk more accurately. This approach allows lenders to identify creditworthy individuals in underserved markets, reducing default risk and improving access to financial services.
Funding
$1.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional credit scores rely on a limited set of financial data points, potentially overlooking creditworthy individuals, especially in underserved markets. This narrow view of financial health can lead to inaccurate risk assessments for lenders and restricted access to financial services for consumers.
Solution
VeraScore offers a financial health score that evaluates a broader range of financial data points compared to traditional credit scores, providing lenders with a more accurate assessment of consumer risk. By comprehensively measuring an individual's financial health, VeraScore enables lenders to identify reliable borrowers in traditionally underserved markets, reducing default risk and expanding their customer base. This approach promotes financial inclusion by leveling the playing field and empowering consumers to improve their financial standing.
Target Audience
VeraScore primarily targets lenders seeking to improve their risk assessment accuracy and expand their reach into underserved markets, as well as consumers aiming to improve their financial health and access financial services.
Features
- Holistic financial health assessment using a wider array of data points beyond traditional credit history
- Predictive modeling for more accurate risk assessment and reduced default rates
- Identification of creditworthy individuals in underserved markets
- Transparent view of a consumer’s financial health, promoting financial literacy
- Ongoing monitoring of financial health for continuous risk assessment