FinScore: One-stop Shop for Telco Credit Scoring in the Philippines

MANILA, Philippines, 20 January 2022 – The Philippines-based Alternative credit scoring company, FinScore, is the first company to determine the creditworthiness of 100% of the mobile subscribers in the country — the highest market reach in the Philippine alternative credit scoring market. 

With the Mobile Number Portability (MNP) in the Philippines, mobile phone users can now keep their numbers while switching providers starting September 30, 2021. Under the measure, postpaid and prepaid subscribers can now switch providers and keep their numbers for free. At least 1 million subscribers are expected to avail of the service at the initial phase, according to TCI (Telecommunications Connectivity Inc). 

As a leading provider of Telco Data Credit Scores in the Philippines, the Mobile number portability (MNP) service will enhance the performance of our services. FinScore is now able to provide a “Portability Flag” that indicates whether the mobile number has been ported-in or ported out. The service is being rolled out in stages to the existing FinScore clients within the first half of 2022, as part of the monthly subscription packages. 

In addition, FinScore is the first provider of the “Portability Flag”, one of the latest features of our Telco Credit Scoring Service, to help notify our clients whether the mobile number is ported-in or ported-out in both major telecom companies.  

FinScore has a 100% hit rate in the telco credit scoring market– this means that the company can calculate a telco credit score of every mobile subscriber in the Philippines, including the unbanked and underbanked population. 

FinScore’s flagship service enables lenders, including but not limited to, commercial banks, neo banks, buy now, pay later (BNPL) platforms, digital lenders, and multi-purpose lenders to determine the creditworthiness of their loan applicants that have little to no credit data. Traditional credit scoring services only analyze a few data variables, such as income level, homeownership, job title, and bank history. With over 70% of the unbanked and underbanked adult Filipinos, the traditional methods only leave this segment to remain underserved, with reduced ability to get approved for loans. FinScore helps lenders to extend credit to this market through the alternative credit scoring based on Telco Data.  

Telco data analyzed by FinScore such as texting usage, data usage, voice usage, top-up patterns, and SIM age are invaluable proxy for credit reliability. Also, it is not self-reported and neither be amended nor compromised. Borrowers‘ consent is required to use their telco data for credit scoring purposes is obtained during the loan application process, which ensures data privacy laws and regulations are being strictly observed. 

Partners who will subscribe to the service can easily integrate via a standard application programming interface (API). Alternatively, they can also use FinScore’s Alternative Credit Evaluation (A.C.E) Portal, a web-based platform that has been recently awarded as 2nd place winner in the Singapore FinTech Festival Global Awards last November 11, 2021. The telco score is provided based on real-time data in less than a second.