In China The World Bank estimates that 79% of the population above the age of 15 have bank accounts, but only 10% have ever borrowed from the formal financial system. This is creating an arms race to crack the credit code.
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Snooping in the Bathroom to Assess Credit Risk in China
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To fill the gaps, one upstart lender, China Rapid Finance, supplements data analysis with on-the-ground spade work. The company’s investigators, in more than 90 cities, check for the number of toothbrushes or towels to determine how many people are living in a house. They look for dirty dishes in the kitchen. They take photos of a potential borrower at work to confirm employment status.
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