Our blockchain-based platform uses encryption and smart contracts to address the significant security, privacy, data integrity, and convenience shortcomings of existing consumer credit history services and moves consumer credit into the Web 3.0, post-surveillance-capitalism framework.
Giving control to consumers and trustworthy data to creditors.
Your data is no longer private, data integrity has been compromised.
Credit history is bound by national borders and requires a middleman.
Confirming that applicant is the recipient is cumbersome, averaging 151 days to detect new account fraud.
Consumers have little control over their credit record or who has access to it.
Consumer personal information is now encrypted and decentralized.
Consumers control use of their own credit history and verify new entries through a secure app.
Operational, regulatory compliance, and fraud detection costs dramatically reduced due to decentralization and consumer attestation.
Creditors can update and view their customer’s accounts, and, with the customer’s approval, view their full credit history.
Consumers should have complete control over their finances, including their credit data. The Secure Credit Systems Platform uses cryptography, blockchain, and mobile and web technologies to store information securely and to control who has access to that information at a granular level. Our process returns control to consumers over their data and guarantees data integrity for creditors.
Creditor Submits Request to Check Credit
When a creditor wants to check a consumer's credit a request is sent to the SCS Platform, which contacts the consumer.
Consumer Grants or Rejects Access
The consumer chooses to grant or deny access to view their credit. Consumers can also choose to allow certain types of credit checks by default.
Creditor Extends Credit Offer
If the creditor wishes to extend credit to the consumer, a request is submitted to the SCS platform to add a credit account to the consumer's records.
Consumer Accepts or Rejects Credit Offer
The consumer can grant or deny the request to add a new credit account. Additionally, they are able to report if the request was unsolicited or fraudulent.
Creditor and Consumer Manage Account
If the offer is approved, an account is created, which the creditor uses to update payment, delinquency, and other status information over time. The consumer can monitor their account or dispute items through the Platform.
Consumer Can Dispute Records
If a consumer disputes a late payment or other disputable record, the consumer can submit that dispute to the creditor through the SCS Platform. Resolution of that dispute will be recorded on the Platform.
The SCS Platform recognizes that a consumer’s credit history is multi-dimensional and includes many non-traditional data points. Our platform therefore allows consumers and creditors to store data from traditional sources such as credit cards and mortgages, as well as alternative sources like utilities, mobile phone providers, or alternative loans. Indeed, the platform could be used to store any data over which users need to be able to exercise granular control over who may and may not access that data.
First MVP developed on Ethereum
Provisional patent application filed
Development shifts to Hyperledger
Dev team expanded
NDAs signed with credit bureaus
Key advisors retained
MVP complete and further requirements gathering through POCs with early bank partners
Testing agreement signed with credit bureaus
Dev team expanded
Company formed in Delaware
Initial POC agreements
Proof of product market fit in progress
Fit confirmed with POCs and pilot programs rolled out with early bank customers
Sales and integration with additional partners
Greg brings a unique blend of software development and legal expertise, ideal for developing software in a legal realm like consumer credit.
E.J. is the CEO of Path Network and an internationally recognized cyber-crime expert who served in the FBI as a Cyber, White-Collar crime, and Counter-Terrorism Special Agent.
VP Engineering at Trusting Social
Founder and President of MINSAD
CEO of Fugue
President of E-Channels, Inc.
Founder/President of GPS Hiring
Principal of Triumph Advisors
Co-Founder - Rever, Inc.
First Sequoia-Funded Mexican Startup