Argyle’s Founder Shmulik Fishman Explains How Fintech Is Changing the Face of Credit Scoring
The Founder of Argyle posits that the new credit scoring model should be driven by the age of transparency and consumer consent.
New tech developments are helping many industries, including the financial sector. Shmulik Fishman, the Founder and CEO of Argyle shares how fintech can improve credit scoring, particularly the widely adopted FICO score model that still remains outdated and unregulated.
“The upside of the FICO score is that standardization has made things more equitable. It has helped set a way to regulate creditworthiness and replaced the thousands of individualist practices credit lenders and rating systems were using back before the 1980s,” says Shmulik. “But now it stands to question if the system is still relevant?”
Historically, lending and leasing decisions have largely been based on a single three-tier digit number - the credit score. But Schmuck questions what data is being used. Users have no say in the makeup, and the system lacks the ability to appraise one’s financial activity in real-time.
“The FICO system still lacks transparency and oversight,” he stressed but notes that this can be changed with advancing tech and innovation. “We need to build a new credit scoring model.”
With real-time data solutions available, now comes the time when it is not merely adapting, but rather taking advantage of the tangible benefits that fintech can offer in the current employment and income verification needs.
The nature of work is rapidly changing. People are taking on more gigs like driving for Uber or freelancing on projects. From a regulatory and cultural standpoint, using open data seems to be the answer for users to own their data and control who has access to their data.
Argyle plans to participate in the credit scoring revolution through its leading employment data ecosystem that connects employers, payroll providers, and consumers.
Through their user consent-based model, the platform acts as a two-way data stream between employees and employers to manage employment and income data.
For users, this consent empowers individuals, informs them of how their data will be used, and gives them the right to control their own digital information and identities. While for businesses, Argyle provides a less expensive, faster, and more precise way that will aid businesses to get a full picture of their applicants in regards to their identity, employment, and income history.
Shmulik Fishman is the Founder and CEO of Argyle, which provides a universal, trusted platform for accessing employment records with worker consent. He started Argyle in 2018, with the backing of Bain Capital and Checkr, after experiencing the complexity of work verification for his previous venture STRATIM.
Shmulik has an undergraduate degree from Hampshire College where he became a philosopher by training and a storyteller by practice. While earning a business degree at Columbia University, a chance meeting catapulted Shmulik into the world of machine learning, setting him on a path of disrupting today’s employment and income verification space.
You can read his full Forbes article here: Fintech is on a Mission to Change the Credit Score as It’s Known
Founded in 2018, Argyle is making employment data more accessible, with user consent. It provides a solution that enables companies across industries to access frictionless, automated verification of income and employment (VOIE) and direct deposit charges in real-time.
For more information, please visit https://argyle.com/.
Release ID: 89042946