Credit rating dating
In the past if someone applied for a mortgage, “you have to check, is it the real purpose of the loan? Average interest rates declined from 20.2% to 12.6%.
“Everything starts from this,” says Mr Verulashvili, referring to the growth of Georgia’s credit records.
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Bank, one of Georgia’s largest, calls between 170 and 250 of her compatriots. An algorithm crunches the credit scores (a number between 0 and 400 indicating the likelihood of repaying a loan) of millions of Georgians, selects the best prospects and auto-dials them.
They set up a consultancy, Fair, Isaac and Company, whose product was a literal scorecard, made of cardboard, provided to banking and retail customers.
Their rise not only greased the wheels of economic development but also presaged the arrival of the data-driven, algorithm-mediated economy of the 21st century.