KakaoBank announced on the 30th that it will open scores calculated using alternative credit evaluation models in partnership with Nice Credit Rating Information.
KakaoBank has signed a business agreement with Nice Credit Rating Information for the provision of alternative credit evaluation scores to external organizations. KakaoBank will be responsible for model development, while Nice Credit Rating Information will calculate scores using the system that incorporates the model and provide them to external financial institutions.
Under this agreement, KakaoBank will incorporate its self-developed alternative credit evaluation model, KakaoBank Platform Score, which is based on non-financial data, into the credit information system of Nice Credit Rating Information.
KakaoBank and Nice Credit Rating Information plan to provide the Kakao Score to over 70 financial companies listed in KakaoBank's credit loan comparison during the fourth quarter. KakaoBank explained that the accuracy of evaluations for customers, who were previously difficult to assess with traditional credit evaluation models focused on financial information, is expected to improve as various financial institutions adopt credit assessments using the Kakao Score.
The two companies are committed to continued collaboration to expand the base of alternative credit evaluations and enhance financial accessibility for consumers such as thin file borrowers and those with low to moderate credit history.