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Zopa to assess credit worthiness with Borrowing Power

London-based P2P lending solutions provider Zopa has announced the launch of an AI-based tool Borrowing Power in a bid to allow customers to borrow at the best possible rate. The supplier’s app shows scores that are directly linked to the Zopa loan. The new tool is expected to enable customers to check their eligibility and can check the impact of their score change on loan availability and price.

Didier Baclin, Zopa’s Chief Product Officer, said, “Customers deserve to know their eligibility for credit, current credit scoring is merely scratching the surface. We have effectively broken open the black box to understand what is going on and, combining this data with additional information about the customer, are able to give bespoke actionable insights to our customers that could enable them to improve their credit risk in a short time frame and then ultimately be able to borrow from Zopa at a better rate.”

According to the supplier, the tool utilizes a non-linear credit risk assessment model and integrates machine learning as well as AI for the enhancement of customer experience. It provides the customers a bespoke ‘borrowing power’ score and is made up of five components including credit rating data, credit utilization, credit limits, hard searches and affordability based on personal circumstances.

Zopa’s performs soft searches on customer’s credit history prior to application in a bid to leave the credit score unaffected until the time a loan is taken out.

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