How VeraScore Works
When a consumer signs up for VeraScore™, the first thing we do is download up to 2 years of financial history from all of their financial accounts. This is necessary to form a complete financial picture of the individual. VeraScore™ does not simply use a consumer’s past credit history, or utilize the same stale information as the credit bureaus, in order to determine a consumer’s financial health.
We then use artificial intelligence to analyze and categorize the activity in all of the consumer’s financial accounts. This quickly and accurately allows us to measure and evaluate the consumer’s historic financial behavior. This also includes verifying information that underwriters already use today including - income, assets, liquid reserves, savings rate, spending habits, and the type(s) of debt an individual has accrued (e.g., adverse, neutral, and/or beneficial).
Finally, we display a transparent view of the consumer’s real financial health, which breaks out each component of the consumer’s financial health score. This includes a cash flow analysis, a net worth display, and even a what-if analysis which shows the individual how any changes in their financial situation will impact their financial health going forward.
Lenders can use this information to evaluate potential borrowers, augment their current underwriting process, analyze loan portfolios, and/or choose to re-evaluate potential borrowers that do not currently qualify for a loan according to their credit score minimums.
Safe and Secure
Our highest priority is keeping every consumer’s data safe and secure. This not only protects the consumer, but the lender as well. We employ the latest cutting edge security technologies including multi-factor authentication, tokenization, and encryption of data, to make certain that the data remains private and secure.
Unlike many others, we also promise never to sell this data to any 3rd parties without the consumers’ permission!
Equitable for All
As we help lenders to address issues of Corporate Social Responsibility (CSR), we also are helping underserved and diverse communities to build wealth and improve their overall financial health. This will begin to address long-standing issues such as the persistent racial wealth gap that exists today, improving financial literacy, and help make the financial system work for everyone - especially the underserved and under-resourced.
A one-stop shop for your finances.
Watch this video to learn more about how VeraScore™ works.