Aliya announces the public launch of aSCORE, an alternative credit scoring model that enables banks and credit unions to increase financial inclusion without increasing risk
NEW YORK, March 18, 2021 / PRNewswire / – Aliya, a data-driven intelligence firm providing automated business solutions to financial institutions, today publicly announced the launch of aSCORE, an alternative measure compliant with credit risk and borrower resilience regulations and a legacy tool FICO and Vantage Score Arbitration. Proprietary technology has been implemented by one of America’s 10 largest banks since 2018 and can help financial institutions grow their assets while managing risk, acquire and retain a wider range of profitable customers, and promote financial inclusion.
aSCORE uses more frequent and recent consumption attributes to better predict a borrower’s ability and willingness to repay debt. The model works on anonymous data from the credit bureau; it does not require the transfer of personally identifiable information, or any other proprietary data set from an institution, to Aliya. How it works:
- The client requests a loan on the existing platform of the financial institution; OR the financial institution wants to determine if an existing customer or a new prospect is eligible for a loan.
- The financial institution or credit bureau invokes a SCORE engine through secure API protocols.
- The aSCORE model works on anonymized credit data to generate and return the aSCORE FICO equivalent, along with sizing and price recommendations.
- Credit policy of the financial institution applied to aSCORE to generate a personalized loan offer, displayed in the existing workflow.
In a recent case study, Aliya partnered with one of America’s 10 largest banks and helped over 200K Americans get loans. Of these, almost half were considered unprivileged by traditional credit scores. The performance of the portfolio of “non-prime” borrowers was in line with that of a standard prime portfolio. The full case study can be viewed here.
“The driving force behind aSCORE is to increase economic opportunities for hard-working Americans who would otherwise be unfairly neglected and underbanked,” said SP “Wije” Wijegoonaratna, co-founder and CEO of Aliya. “Now that the model has a proven track record of performance over the past three years, I am delighted to share aSCORE with more financial executives looking to implement a next generation credit scoring solution. ”
aSCORE is SOC-2 (Type II), ISO27001 certified, and reviewed by the Federal Reserve, OCC, and CFPB for regulatory compliance.
To learn more about Aliya and aSCORE, visit https://www.aliya.com/ascore.
About Aliya
Aliya is a data-driven intelligence firm that develops transformational solutions to help financial institutions grow assets, acquire and retain customers, manage risk, and optimize capital allocation. Aliya is “Powered Technology, Human Inspired” and aims to improve outcomes for hardworking Americans who would otherwise be unfairly overlooked.
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SOURCE Aliya