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.
