Indian P2P lending marketplace Faircent.com signed data and solutions initiatives with global risk and information solutions provider TransUnion, for real-time credit appraisal of borrowers, reported the Economic Times.
According to the post, Faircent is the first P2P lending marketplace to leverage TransUnion’s capability in data, analytics and technology in its algorithmic underwriting technology. Faircent will also be the first online P2P lending platform to use TransUnion’s Aadhar based eKYC module, which maps potential borrowers on multiple identity points in real time. This will greatly reduce the need to for the consumer to submit verifying documents, helping to streamline processes.
“We are building world’s first on-demand, lending marketplace. Faircent’s vision is to fund a borrower in real time and with this alliance we are one step closer to that objective,” said Faircent.com Founder and CEO, Rajat Gandhi. Vinay Mathews, founder & COO of Faircent, further elaborated, indicating that this initiative with TransUnion will allow its lenders, both individual and institutional, to invest real time and service loans on demand.
TransUnion has presence in more than 30 countries, maintaining credit histories of more than 500 million consumers and businesses worldwide. Since 2001, TransUnion has been active in the Indian marketplace as the technical partner and a shareholder in CIBIL, the first credit bureau in India. Faircent.com appraises multiple types of data points to evaluate the risk profile of borrowers on its platform that includes their social data from Linkedin and Facebook, financial data from their bank statements and credit card, including their past history of servicing loans. The TransUnion integration will help Faircent better calibrate the ability to determine the quality of loans originated on the platform.