Introduction

FINC is an abbreviation of Fintech Credit. It acquires various alternative data 100% online basis and performs Positive item based credit evaluation. Then, connecting the loan products according to the ratings grade.

Features of Finc

FINC is a credit rating model using the first Alternative data, which has the following key features :

• 

  Realistic credit assessment using real data

  FINC identifies and assesses real income / expenditure in real life, via actual owner’s health insurance payments and year-end accounts, rather than the estimated income / expenditure amount.

• 

  Separate evaluation for first step into society

  FINC distinguishes between “first step into society” who do not receive reasonable credit evaluation because of insufficient financial data. When you receive a relatively good evaluation within the “first step into society” group, you receive a good credit rating.

• 

  Positive item-based
  evaluation

  Unlike the Negative assessment methodology, the FINC focuses on evaluating the importance of the existing credit rating model to uncover potential bona fide clients.

• 

  The first evaluation
  of SNS in Korea

  FINC assesses the trend of similarity based on the original psychological theory of social networking by acquiring / analyzing the contents of the SNS.

Composition of FINC
evaluation model

The FINC evaluation model consists of four main items :

Independent
variable items

· Items that are required to complete the FINC rating calculation
· To evaluate personal income / option consumption information
· such as average office hours, annual income, and use of debit cards.

Override items

· Items that are required to optionally the FINC rating calculation
· In composes interested information, such as insurance payment period, total account holder balance, cell phone payment details, and payment details of the insurance policy.

Evaluation
propensity to SNS

·Not reflected in the calculation of FINC grade calculation
·But it will increase users’ interest in the service, and as a financial institution.

Fraud items

·Not reflected in the calculation of FINC grade calculation
·Report on loan applicant’s risk transactions / activity details such as loan transfer history, telecommunication fee chargeback history, etc. to financial institutions.

Example Case:
Using FINC, Loan Process

After confirming your FINC rating, the borrower will select the loan item that meets your grade and apply for a loan. The data and evaluation reports of the borrower are transferred to the financial institution and utilized for loan review.