Financial Health Score Innovator VeraScore is One Step Closer to Consumer Use

News provided by

Dec 06, 2022, 09:00 ET

The company celebrates a major milestone as they unveil their fully operational MVP to the marketplace

SAN FRANCISCO, Dec. 6, 2022 /PRNewswire/ -- VeraScore, an AI platform for measuring consumers' financial health, is one step closer to consumer use as it has completed the creation of its Minimum Viable Product (MVP). The fully operational MVP addresses the persistent challenge with the legacy credit rating model, which relies on stale information to provide a snapshot based on lending habits, not the holistic view of a consumer's relevant financial information or the ability of the individual to repay debt.

VeraScore liberates banks and other financial lenders to more accurately understand potential borrowers, and provide funding to under-banked individuals that have been victimized by the current credit rating system. Over 45 million Americans currently do not have access to credit, and VeraScore delivers a detailed, real-time analysis of a consumer's financial situation that aims to aid in empowering financial freedom to these consumers.

As it prepares for market utilization, VeraScore is happy to announce that their crowdfunding campaign on StartEngine is live and can be accessed through the StartEngine platform. By opening up fundraising to the public, VeraScore hopes to reach investors who have shared values and goals.

"As the creation of our MVP finally comes to completion, I am beyond excited to share this revolutionary platform with both lenders and consumers," said Geff Woodward, CEO of VeraScore. "Between this, and our active fundraising on StartEngine, our mission of aiding underbanked people throughout America is finally becoming tangible."

By using a patent-pending platform with AI and machine learning, VeraScore's MVP will ensure that bias remains excluded from VeraScore's functionality. This SaaS-based model will flip the credit rating industry on its head with the hope to democratize lending practices and improve diversity within the credit landscape. VeraScore will continue to develop products and services which aim to improve financial literacy among borrowers.

About VeraScore

VeraScore (https://www.myverascore.com/) is an innovative AI platform for measuring and managing financial health. The SaaS-based technology allows lenders to more accurately assess the true strength of a borrower's financial position, while promoting financial literacy for consumers and helping them to build financial health and become more attractive to lenders.

SOURCE VeraScore