Connect with us
Apply Now

Executive Voice

Trust Science® on Increasing Financial Inclusivity In Black Communities

According to a 2021 Consumer Financial Protection Bureau (CFPB) report, “Credit report disputes more commonly occur among consumers in majority Black and Hispanic neighborhoods than consumers in majority white neighborhoods.” 

Trust Science® is here to offer lenders a reliable and inclusive way of assessment. A FinTech company that helps individuals get the credit they deserve making lending more ethical and fair, offering increased financial inclusivity to allow lenders to safely buy deeper into the credit market and grow their portfolios. Their mission is to get deserving people access to the credit they deserve and help people who can’t get credit and are under-banked. They break free of the constraints of old data to eliminate much of the traditional subconscious lending biases and legacies of discriminatory practices that may have left lenders vulnerable to costly litigation while bringing substantial returns on investment. Trust Science® produces accurate credit insights for as many people as possible, including for those who are financially marginalized using consented banking, rental, telephone and utility billing data as well as data used in present credit scoring.

Founder and CEO, Evan Chrapko, shares, “No credit bureau can see what race you are, what gender you are or how old you are, but by virtue of how they calculate things it is entirely possible that their scores are disproportionately impacted.” Chrapko went on to say, “Even without using that data, if the impact of the algorithm is a substantially different outcome for a black demographic versus a white demographic, or along any other prohibited factor, you get into a lot of compliance trouble for disparate impact right away.”

Traditional scoring mechanisms are limited and systemically exclude those without a credit background. In the consumer credit market, Black communities are disproportionately represented in underbanked and underserved demographics, which results in inaccurately low credit scores. While AI and more data is part of the solution, it’s also incredibly important to have strict model governance to ensure that the credit models are unbiased and fair. Furthermore, providing explainability required by law is not always easy, resulting in black-box systems. Trust Science features a fully explainable AI platform that provides specific and easily understood reason codes for adverse action, helping consumers and lenders easily discern the reasoning for a score, while also being fully compliant and de-biased. 

Trust Science® leverages thousands of data sources using its proprietary AI and machine learning technology to integrate seamlessly with a variety of loan origination and management systems and provide lenders with a highly predictive, fully explainable and fully compliant Six°Score™. Clients are able to assess credit invisibles leading them to increased quality loan originations, reduced rates of default and delinquency, maximized return on assets, and total compliance in their regulating environment.  

Visit trustscience.com for more information or email them at Marketing@TrustScience.com.

Continue Reading

Copyright © 2022 Disrupt ™ Magazine is a Minority Owned Privately Held Company - Disrupt ™ was founder by Puerto Rican serial entrepreneur and philanthropist Tony Delgado who is on a mission to transform Latin America using the power of education and entrepreneurship.

Disrupt ™ Magazine
151 Calle San Francisco
Suite 200
San Juan, Puerto Rico, 00901

Opinions expressed by Disrupt Contributors are their own. Disrupt Magazine invites voices from many diverse walks of life to share their perspectives on our contributor platform. We are big believers in freedom of speech and while we do enforce our community guidelines, we do not actively censor stories on our platform because we want to give our contributors the freedom to express their opinions. Articles are not commissioned by our editorial team, and opinions expressed by our community contributors do not reflect the opinions of Disrupt or its employees.
We are committed to fighting the spread of misinformation online so if you feel an article on our platform goes against our community guidelines or contains false information, we do encourage you to report it. We need your help to fight the spread of misinformation. For more information please visit our Contributor Guidelines available here.

Disrupt ™ is the voice of latino entrepreneurs around the world. We are part of a movement to increase diversity in the technology industry and we are focused on using entrepreneurship to grow new economies in underserved communities both here in Puerto Rico and throughout Latin America. We enable millennials to become what they want to become in life by learning new skills and leveraging the power of the digital economy. We are living proof that all you need to succeed in this new economy is a landing page and a dream. Disrupt tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience. Disrupt Magazine was designed to give the world a taste of that.