Why does BTCJam Debt Collections have an A+ credit rating after verifying nothing but their identity? Why does the Phwner have an A- credit rating, lower than BTCJam Debt Collections, after verifying everything minus their credit card in addition to paying off their loans and establishing a credit history with no late payments, have a credit rating lower than BTCJam Debt Collections? Why is this rating lower than BTCJam Debt Collections?
Why does User #639815422 have a D+ rating after verifying 4 more items than BTCJam Debt Collections while having an equivalent credit history?
Based on my own experience, the credit rating goes higher to the person from a country like USA or some other country in the europe zone if they verify their bank account , especially credit card however if you are from other country the rating will always be lower. Apart from that, if you have an open loan, your rating will be lowered from your actual rating like what they did to phwner
Sorry, I've been away for a while.
I know you are not saying this, and this is what you have observed, but that is ridiculous. I posted that as evidence that credit ratings are purely arbitrary. Phwner is from the US. What I was trying to get at is there is, among the plenty of fucked up things that jam does, no way to have any trust in the system that they have set up. How can one justify an A+ rating to one borrower and a D+ rating to another based simply on country? Not to mention, at least in my experience, as I'm from the US, that borrowers from the US are generally of a lower class of borrowers. The simple reason being is that people with good credit from the US, and I would have to imagine other western countries, have better and lower rate options for taking out loans. So why wouldn't they take them? Well it's because their credit is in the toilet. I broke this down for a US borrower a number of pages ago, you can find it.
It comes down to the simple fact is that there is an inherent conflict of interest when the same entity profits off of the amount of debt produced and is responsible for providing the credit ratings on the same debt.
BTCJam has posted in this forum and on this discussion a number of times. I may have been callous but my point has been clear. They are more than welcome to come on here and prove me wrong and provide a justification for the discrepancy that I have observed as an investor and what measures they have taken to mitigate the inherent conflict of interest that arises from their business structure.