Technology and data are at the heart of what we do here at Mogo, but what exactly does our Credit Risk team do with all that data? Well, there are a few things, but one of the big uses for the data is to create effective rules for our pre-approval system—this helps make our MogoMoney loans accessible while making sure that we lend in a socially responsible way. Meet Steven, our go-to rulemaker and VP of Credit Risk and Collections.
Steven: So in addition to traditional credit data, we look at a ton of other non-traditional factors when determining MogoMoney offers. Using the technology platform that we created, we can come up with models and strategies for fraud detection, credit adjudication, and income verification. Just to name a few.
Steven: Yes, I’d say that we have an obsessive approach to credit that borders on OCD! All the models and scorecards are developed in-house by our credit/data science team using the latest modelling software. With over 10 years of experience in online lending, we’ve built up a goldmine of data that sets us apart from more recent FinTech startups.
Steven: Traditional banks have a set narrow risk appetite that’s usually defined by a minimum credit score. We are Canada’s only online full spectrum lender who offer loan products for consumers with a wide range of credit scores in Canada—ones that you can apply for online in minutes.
Steven: I don’t think I got my first credit card until I was in my mid- to late-20s, so I was shocked at the high use of credit cards in Canada! And as we know, this can not only negatively impact your credit score, but also lead to long-term debt.
Steven: Ha. It’s true though, Canadians had a record-high debt burden last year! Canada’s also slower to adopt FinTech compared to Europe... Which we feel will change considerably in the very near future.