PeopleFund Advances Mid-Interest Credit Scoring Model as a 'Test Bed'

[Asia Economy Reporter Song Seung-seop] PeopleFund announced on the 9th that it plans to advance its mid-interest credit evaluation model and propose alternative information utilization methods for mid-credit borrowers through the ‘D-Testbed Pilot Project.’

PeopleFund was finally selected as a participant in the ‘Credit Evaluation Advancement’ sector of the D-Testbed Pilot Project hosted by the Financial Services Commission the previous day. This project involves the government, public sector, and private sector collaborating to collect large-scale data and then provide it for use in the private sector. Companies and individuals with ideas but no opportunity to test them can use financial data and development/analysis environments to experiment with their ideas.

The alternative information PeopleFund will utilize includes data related to financial transfers, assets, investments, and consumption status provided and sponsored by the Korea Financial Telecommunications & Clearings Institute, commercial banks, card companies, and securities firms. Using this information, PeopleFund plans to re-verify the performance of its proprietary credit evaluation model and study variables and utilization methods optimized for mid-credit borrowers.

Jung Seung-woo, head of PeopleFund’s A&I Group, said, “We are actively participating in research projects that utilize various alternative financial data beyond existing loan information to re-evaluate financially marginalized individuals who have not been properly assessed. We will thoroughly prepare for the MyData era by discovering discriminative alternative information and researching the optimal data processing methods to use it appropriately.”