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CredoLab develops credit scores based on mobile and web-behavioural data to help lenders make better credit decisions. They strive to make loans accessible to everyone and improve the lives of people who are otherwise left out by the traditional banking processes. CredoLab’s mission is to increase financial inclusivity globally, by transforming the credit decisioning process through their state-of-the-art, data-driven, and cost-effective solution which creates a path for creditworthy individuals to access mainstream financial services.

 

Established in Singapore in 2016, they have partnered with more than 70 lenders to power almost USD 2 Billion in loans issued across 20+ countries.

Other Information

Frequently Asked Questions

1. What is "CIMB Bank- GetVerified"?

"CIMB Bank- GetVerified" is a credit scoring application powered by CredoLab. CredoLab is a smartphone-based FinTech solution provider that generates an alternative credit score to help CIMB Bank make a credit decision when you apply for a Personal Loan.

 

2. How does "CIMB Bank - GetVerified" work?

When you apply for a Personal Loan with CIMB Bank, the Bank may ask you to download this application to receive an alternative assessment of your creditworthiness. If you choose to download and run the application, the app will collect and use information from your phone to generate a credit score. The credit score is provided only to CIMB Bank.

 

3. How does "CIMB Bank - GetVerified" use information on my phone to create a credit score?

With your permission, the application accesses data points from your phone's Media Library, Calendars, Contacts, Photo Library, and Reminders. The information retrieved is only used to calculate your credit score. The data points collected do not directly identify you for confidentiality purposes. Your information is also not used to sell ads nor is it shared with any third party.

 

4. What if I do not download/run "CIMB Bank- GetVerified"?

Not doing so may affect your chances of your application in proceeding.

 

5. What if I do not allow the various permissions requested in-app by "CIMB Bank- GetVerified"?

The more permissions you grant, the stronger your credit report and the higher chances your application in proceeding.

 

6. How do I download/run "CIMB Bank- GetVerified"?

CIMB Bank will send via SMS the link to download the application. Included in the SMS is a code and a reference number that you need to input once you have downloaded the application. Simply follow the in-app steps to proceed and run "CIMB Bank - GetVerified".

 

7. Does "CIMB Bank- GetVerified" work for both Android and Apple phones?

No, "CIMB Bank- GetVerified" only works with Android.

 

8. Does everyone who applies for CIMB Bank Personal Loan need to download "CIMB?

Bank- Get Verified" app? Only if the Bank requires more information from customer in order to make decision of the Personal Loan Application.

 

9. Does customer has to pay additional fees for using the app?

No, downloading the app and using the app is free of charge

 

10. Will  the customer be able to see the result of credit scoring?

No, the customer will not be able to see the credit scoring result/report. The customer will only be able to see if the credit scoring result/report has been successfully generated. Only CIMB Bank will be able to view the results

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