Proving credit history through your mobile phone

November 9, 2014

Credit Score

Today the first thing you are asked during any financial procedure is your credit history. So it is very difficult to lead financial life without having a good credit score.

You may need to take a long-term loan for developing your business or for buying a new house. You are a good businessman with stable income and a responsible payer, but you have no evidence for this. Having a high credit score is the only way you can prove your reliability. So the bank can just turn you down for taking a loan.

In case of such situation there is online service that provides unsecured personal loans for bad credit. This means that you can take a loan without a credit history. The only requirement is to have regular income, and you will be given the necessary amount.

However the bank system is different and you are completely out of financial life if you have no credit history. This is a really big problem for people with low income who have no records of their financial actions. They have to pay high interest rates and spend all their low salary on the bill repayment just because they are thought to be unreliable borrowers.

But this situation can be changed, because the financial records really exist, we are just unaware of their storage place. And the solution is in our mobile phone.

We just need to have a look at mobiles records of the person. And this information can give much more details and a clear understanding of persons reliability. You can just top up your phone with small amounts regularly and this already shows your stability. On the other hand a person can top up with one large amount, but have his or her account empty for a long period; and this can show the higher risky person. Also you can make some international calls that mean that you can get payments remittance.

So if the specialist is provided with such full information of mobiles records he or she can build the model of persons behavior. And after this the whole reliability can be estimated and the appropriate interest rate can be determined. In such way the new person with no credit history can be let in the financial life and begin to develop.

Today there is such a service that the bank can contact and receive the recommendation whether to give a loan to the particular person or not. The service makes a request to the applicant to have access to his or her personal data, after the approval the data is checked and the answer is formed.

This service can even help to save time for determining the least risky clients from the all amount of clients and provide them with necessary monetary help at once. But there will be more time for people whose level of risk is not so obvious. Due to this the different interest rates can be also set and people will not have to pay extra charges.

To sum up I can say that such service will help thousands of people to change their lives. Such approach can be much more efficient in determining the reliability of an applicant, so as a result more appropriate and real terms and conditions will be provided..