To ensure there aren’t underlying significant risks when approving a loan, an in-depth profiling of an applicant’s details is necessary. A twofold approach is taken to combat fraudulent applications.

Credit History Check

A fastidious check for any issues in the applicant’s credit history is conducted. Historical defaults and historical credit checks are taken into account prior to Score recommending a decision for the applicant. These factors are vital to calculate the probability of default.

Information Cross-Reference

The applicant’s provided details are cross-checked with ADVANCE’s database. including their personal particulars and their employment records. Personal particulars including the applicant’s name, gender, place of birth, and date of birth are inspected by Guardian, while their employment details are processed to develop a more accurate score, appending their employment type factor to the applicant’s default risk.