Bitcoin PR Buzz News: The blockchain alternative to the traditional credit bureaus offers unprecedented security and a more accurate record of consumer credit worthiness
New York, NY (October 9, 2017).– Pave, the innovative online lender, announces the start of the pre-sale period for its upcoming token sale scheduled for mid-October. This token sale will fund the launch of Pave’s new product – a Global Credit Profile (GCP, http://gcp.pave.com). The pre-sale is restricted to accredited investors only.
While the traditional credit bureaus such as Experian, Equifax and TransUnion continue to perform a valuable service by acting as a reliable source of information for third parties, they are plagued with systemic problems including a lack of transparency and control over personal data, vulnerability to fraud and data theft.
One of the key benefits of Pave’s new product is the decentralized and encrypted storage of individuals’ financial data in the blockchain. Rather than a corporation owning and controlling such sensitive information, Pave’s GCP allows each user to store their own encrypted data securely and thereby removes the threat of a central attack affecting millions.
Oren Bass, Pave’s CEO says: “Pave’s new product builds on our 5 year history of lending to those with limited credit histories. GCP will enable an individual to contribute to building a more complete and accurate picture of his financial health, than one provided by traditional credit bureaus. Those with limited credit history, such as immigrants, millennials and new to credit suffer most under the current system. They find themselves caught in a catch 22 situation of having to have credit to obtain credit. Consequently, lenders often only see a partial picture and view such borrowers as risky and ineligible to access prime credit.
”It is estimated that just in the U.S. about 45 million people are kept on the margins of the financial system because they do not have credit records that can be scored. Shockingly 70% of the millennial population in the U.S. have subprime credit scores despite data showing them to have better credit risk than elder population. Pave’s GCP
uses data that is currently being ignored by traditional credit bureaus, such as bank account spending data, alternative payment data and educational achievements. By enabling a user to enrich their own credit profile the GCP would help to realize Pave’s mission to unlock access to credit to millions of mispriced consumers.About Pave
Pave, a VC-backed company, was founded in 2012 by with the mission to utilize technological innovation to democratize access to funding. Pave has created as an online lending platform focused on providing those with limited credit history access to credit. Pave’s innovative approach to lending enabled the company to successfully lend to nearly approximately 1700 individuals with “thin credit files” totalling close to $23 million in loans.
Presale for accredited investors – ir@pave.com
Learn more about Global Credit Profile
http://gcp.pave.comMedia Contact
Contact Name: Nastasya Savina
Contact Email: communications@pave.com
Location: New York, NY
Pave is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
Disclosure: This is a Sponsored Article
The crypto market is finally back in full swing and is abuzz with rising price…
Taking a look at the crypto market today, there's a lot of coin influx and…
In the ever-evolving landscape of technology, some companies rise above the noise, not just for…
In the ever-evolving world of cryptocurrencies, the concept of cryptocurrency trading bots has attracted a…
Dogecoin20 Launches on CoinMarketCap: Investors Flock to BlockDAG Following X1 Mobile Mining App Announcement in…
Do you know about BEFE? This relatively nascent coin is now the talk of the…