VeraScore is One Step Closer to Consumer Use
Make it stand out
We’re celebrating a major milestone as we unveil our fully operational MVP to the marketplace
By: Geff Woodward
Creating a Minimum Viable Product (MVP) is often the first milestone for start-up businesses. It functions as a proof of concept; what was once an idea, is now a tangible reality. There are many preliminary steps that go into the creation of an MVP. One aspect of this is beta testing, which helps ensure a product is fully functional. For this and many other reasons, finalizing an MVP is truly a testament of dedication to one’s mission, to the vision behind a product.
Here at VeraScore, we’ve recently completed the creation of our MVP and are one step closer to consumer use! I am beyond excited to share this revolutionary platform with both lenders and consumers. The fully operational MVP addresses the persistent challenge with the legacy credit rating model, which relies on stale information to provide a snapshot based on lending habits, not the holistic view of a consumer’s relevant financial information or the ability of the individual to repay debt.
Although AI is able to improve our lives through various functions, it unfortunately still learns from the humans at the source of data. If said humans have a bias, then it will leak into the AI’s algorithms. By using a patent-pending platform with AI and machine learning, our MVP will ensure that bias remains excluded from VeraScoreTM’s functionality.
We hope to liberate banks and other financial lenders to more accurately understand potential borrowers, as well as provide funding to under-banked individuals that have been victimized by the current credit rating system. Over 45 million Americans currently do not have access to credit, and VeraScoreTM delivers a detailed, real-time analysis of a consumer’s financial situation that aims to aid in empowering financial freedom to these consumers.
This SaaS-based model of a financial health score will flip the credit rating industry on its head with the hope to democratize lending practices and improve diversity within the credit landscape. VeraScore will continue to develop products and services which aim to improve financial literacy among borrowers.
I hope you join us on our journey as we launch our MVP! Stay connected to hear additional company news by following our LinkedIn at https://www.linkedin.com/company/verascore.