In many countries there are credit institutions that determine the credit scoring of a potential bank customer. In the United States, Canada or the United Kingdom, the credit score is a concept already internalized by the population. In Germany there is a fairly complex credit history system, and other economic powers, such as Brazil, are taking actions to implement it.
No credit scoring system
On the other hand, in Spain there is no credit scoring system as such. The current credit rating of users consists in being included or not in delinquent lists. In other words, it is only taken into account if there is a negative, but not positive, credit history.
This list, the Good Lender File, is managed by the Good Finance Bank of Spain, which distributes it among the different banks and credit providers.
But what happens then with the positive credit? Perhaps, if in other countries it is taken into account, it could become a good tool for both users and credit providers also in Spain.
Collect credit data from customers
There are companies that collect credit data from customers who wish to request a financial product. Obviously, these data are not official and in no case can replace the databases of the Good Finance, but perhaps they can help banks complete these official databases.
It should be remembered that customer data must always be collected and stored with a maximum level of protection, in accordance with the current General Data Protection Regulation, and cannot be shared with third parties except when they are collected for that purpose.
An example of this type of companies that collect credit data from its users is the Good Lender, whose clients fill out a questionnaire to be able to see results of financial products adjusted to their profile and also offer a simulation of personal credit scoring . In this way, the user can know to which products he can have access, and the supplier only receives those potential customers who could request his products.
Banks and credit institutions
Be that as it may, what is clear is that new data analysis technologies have arrived to make things easier for banks and credit institutions, it remains to be seen who will implement them first.