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Big data credit reporting slashes default rates in consumer finance industry.

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Big Data Credit Report in Credit Risk Management of Consumer Finance
Lu Gao, Jian Xiao

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Big data credit reporting is being used in consumer finance to manage credit risk. The study found that this method can accurately predict if a customer will default on a loan, helping to control bad debt and illegal usury. The model has a high accuracy rate of 97.14% in forecasting defaults, making it useful for personal credit risk control. By combining different risk factors, such as blacklists and gray lists, the system can effectively manage bad debt rates and meet industry regulations.