BRASS Application Corp. Is Developing a Bankable Risk Assessment Score System

VANCOUVER, British Columbia - July 19, 2022 - PRLog -- Nowadays, lenders use commonly available credit scores to verify an individual's creditworthiness while making it impossible to get a loan approval without a prior detailed credit check. Bank statements, income verification, collateral and guarantor's protection are outdated and complicated ways of securing the lending process. Usually, no credit check loan comes with very high-interest rates, short repayment terms and high-risk lenders. Having a blank credit history is also common amongst 1 in 10 Canadians. That's why customers are looking for alternative ways to verify their current financial position and prove an ability to repay the personal loan without the necessity to provide a credit score.

BRASS (Bankable Risk Assessment Score System) believes that future "open banking" technologies will facilitate the solution to this issue by providing customer details, credit score alternatives, risk profile assessments and comprehensive credit reports and analysis. Customers want the most effective usage of their data that will allow them to use differentiated, customizable, tailored products with a reliable and secure system that timely addresses their needs. On the other side, small and medium enterprises seek a tool to minimize all the possible risks associated with lending. BRASS is working on a mobile application offering a leading-edge independent credit scoring system for consumer lending purposes in Canada.

About BRASS Application Corp.: the BRASS mobile application provides an alternative to traditional credit reporting to verify individuals' creditworthiness for lenders based on open banking technology. (https://brass-app.com/)