In the United States, we have had an established credit system for a long time. While the system is good at the thing it was designed to do, the world has gotten more complex. The value of a single, combined number when applying for a new cell phone plan, for example, is not the same as the value of that number for a large transaction, like a mortgage. More information is always better than less information when making an important decision. Providing that detailed information is the ultimate goal of BantuFin, a new take on payment reporting.
The system works on a familiar concept of 5-star ratings. But, rather than being a hidden, secret sauce value, you can dig down into the reasons behind the value. To use the previous example of a cell phone account, perhaps the company isn’t interested in the credit card you got tricked into in college but instead is only interested to see that you have never defaulted on a wireless carrier before. That information can create a better, more informed decision.
More important than augmenting an aging system in the US, there are countries across the world that have no way of reporting payment history at all. BantuFin can easily integrate into those places and bring a new and important aspect to an emerging economy.
In addition to the reporting features, BantuFin has a host of features for the individual as well. You can see your overall committed expenditures in one place, so you can easily build a financial plan for payments and savings. You can also get a real-time view of your score and the individual aspects that have lead to that score.
BantuFin is available now through invitation. To find out more about the platform, how it works, or to request an invitation, check out their website.
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