CreditStats to Collect Data / Enforce Defaults Across Platforms?

edric

hero member

Activity: 546

Merit: 501

Quote from: Q7 on September 19, 2015, 09:16:06 PM

It's more like a company providing data mining services and collect information about credit history that usually banks and insurance companies use before they provide the loans and signing off the deal. It might help avoid providing bad loans but it won't make difference in trades conducted in forums where user don't give out complete information.

Nice, I'm hoping their data will be useful enough for local collections agencies to be able to properly price secondary debt once the scammers default. If it works the secondary market will continue and the lending proposition will change dramatically. Do you have any knowledge about the company other than the email BTClend(BTClend) sent out?

edric

hero member

Activity: 546

Merit: 501

Quote from: futurebit640 on September 18, 2015, 11:51:56 PM

First thing the link you provided is not working.

I don't think this will give any profits to investors but it may reduce there losses. Because these recovery agencies will not buy these defaulted loans at the market price but they will buy it at very cheap price from the investors so finally it is still loss to the investors so better lend money only the proper collateral will be a good option.

Fixed the link, thank you. Sorry about that. I agree with you it is not going to give profits, but it is a huge to step toward providing negative incentive to potential scammers. Local collections agencies will be bidding on a market for their defaulted debts and suing them for assets with contracts they signed in which they have given up all of their rights essentially.

Q7

sr. member

Activity: 448

Merit: 250

It's more like a company providing data mining services and collect information about credit history that usually banks and insurance companies use before they provide the loans and signing off the deal. It might help avoid providing bad loans but it won't make difference in trades conducted in forums where user don't give out complete information.

roadbits

legendary

Activity: 1092

Merit: 1000

Quote from: futurebit640 on September 18, 2015, 11:51:56 PM

First thing the link you provided is not working.

I don't think this will give any profits to investors but it may reduce there losses. Because these recovery agencies will not buy these defaulted loans at the market price but they will buy it at very cheap price from the investors so finally it is still loss to the investors so better lend money only the proper collateral will be a good option.

Yes if lender don't get collateral then better don't lend money to any one. Now a days there are so many scams and people started scamming just for few dollars also. For these sites people from Asian countries some how they provide ID's proof and get these loans and after that they default very difficult to recover those loans.

futurebit640

hero member

Activity: 910

Merit: 1000

First thing the link you provided is not working.

I don't think this will give any profits to investors but it may reduce there losses. Because these recovery agencies will not buy these defaulted loans at the market price but they will buy it at very cheap price from the investors so finally it is still loss to the investors so better lend money only the proper collateral will be a good option.

edric

hero member

Activity: 546

Merit: 501

Did anyone else get this email from BTClend-(BTClend)?

I can't find any information on this company. It sounds like a great idea but I'd love to be able to check out a link to there website. Can't find a think about them.

"Cryptocurrency Credit Score

CreditStats its a new independent agency and BTCLend has become its first credit reporting integration. BTCLend will now be reporting defaulted loans to CreditStats. We are very exited to be reporting to CreditStats. Not only defaulted loans but also payment history. This will be beneficial for those with good payment history and will also make sure that our investors do not get tangled with recurring offenders.

Why CreditStats?

Credit Score and Loss Recovery

CreditStats will hold BTCLend, Btcjam and Bitlendingclub credit.
CreditStats will allow for users to report of defaulted loans.
There will be a defaulted loans marketplace where collection agencies will bid for your loan recovery.
And best of all, CreditStats will allow you to check a users credit before investing. CreditStats will become the one place where to check anyone's cryptocurrency credit and collect on those with delinquent loans."

Topic: CreditStats to Collect Data / Enforce Defaults Across Platforms? (Read 391 times)