AlterGeo's location data to be used to assess credit-worthiness

04/23/2014 | TechCrunch

Several banks in Russia have signed a deal with AlterGeo, a hybrid positioning system that uses Wi-Fi, WiMax and GSM among other technologies to create a detailed picture of the user's whereabouts when that person checks in via applications or signs up for an online discount, for example. The location data AlterGeo collects will be used in a process dubbed "geo-scoring" to assess whether a loan applicant is trustworthy. The platform "allows our partners to learn more of their potential borrowers' honesty and reliability in order to reduce risks when working with online credit loans," said AlterGeo's Anton Baranchuk.

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