Living by the Numbers: The Database - SPIEGEL ONLINE - 0 views
www.spiegel.de/...nto-the-future-a-899964-6.html
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shared by Doris Reeves-Lipscomb on 28 Jul 15
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The self-confident founders of Kreditech lend money through the Internet: short-term mini-loans of up to €500, with the average customer receiving €109. Instead of requiring credit information from their customers, they determine the probability of default on their own, using a social scoring method that consists of high-speed data analysis. "Ideally, the money should be in customers' accounts within 15 minutes of approval.
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Kreditech also requires access to Facebook profiles, so that it can verify whether a user's photo and location match information on other social networking sites, like Xing and LinkedIn -- and whether his or her friends include many with similar education levels or many colleagues working in the same company.
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Their real goal is to develop an international, self-updating creditworthiness database for other companies, such as online retailers.