When a person goes to the bank to get a loan, it comes with an associated cost; the interest rate. But the interest rates two people receive, even for the same amount of money, can be quite different. That can be due to a number of factors, but a major reason is creditworthiness. The higher the risk of nonpayment, the higher the interest rate to compensate for the risk. In developed markets, there’s usually plenty of information financial institutions can rely on to assess someone’s creditworthiness, but in emerging markets that can pose a much greater challenge, due to either a lack of financial information or poor informational infrastructure. This in turn often leads to much higher interest rates for everyone, regardless of an individual’s ability to pay. Seeing this trend, First Access was born as a customizable credit-scoring platform with the purpose of empowering financial institutions and making their appraisal processes more rigorous and data-driven.

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