Few pointers What the CBA is offering is completely different....

Few pointers

What the CBA is offering is completely different. It is against collateral or existing customers with an individual credit profile. Lending for those customers is easy and has always been easy. The similarities end there. Completely different products.

Although I did look at the balance sheet/financials for WZR, I did overlook the process of lending. The wellness platform is an incremental change and continuing user profile increase points to this being liked by the end-users. Nevertheless, this is definitely not a game-changer, and I thought they lend on the same day using a credit score after the open banking regimen. This is my mistake.However, I feel improving this process could be very low-hanging fruit.

There was a question about credit score profile and what goes into a credit score

1. My American credit score is average/good. Never excellent. It is because I have never taken a mortgage/ student loan/auto loan etc in the USA. There is a considerable weight for TAKING LOANS and repaying them. For instance, if all else equal, someone who has three different credit items and all of them are paid on time would have a higher credit score than the person with just a single credit card paying on time.

2 Next weighting is paying on time.

3. next highest weight is the duration of the credit score. you should have at least 2 years of open account to be in their good grace.

4, After that, is the credit utilization and, you should aim for 30% or less of the available credit.

5. Then the number of hard credit inquiries. If you have applied for a lot of credit cards within a space of a few months, that counts against you. The last two are considered a moderate impact. The first two are high impact. The late payment absolutely kills you.

The reason for bringing this up is that I cannot believe we are not using this and issuing the loan the same day. All these additional documents should make us less competitive. After all, we are not issuing a mortgage, and lending only to customers with the highest credit quality. Should be a good trade-off.