In the modern, credit-rating-dominated world having little or no credit history — what the financial services industry calls a “thin file” — makes life much, much harder. It creates a vicious cycle, where lenders are less likely to lend to a borrower, because there’s no credit history.
Now DemystData has raised $5 million in financing to solve the problem for financial services firms.
DemystData founder Mark Hookey knew the hassles associated with a thin file all too well, which is why he launched his company in Hong Kong in 2010.
“The genesis of [the company] was around getting rejected for credit cards quite frequently when I moved to different places in the world,” says Hookey, a former employee at LexisNexis. “I was rejected for a credit card at one point when I had 20 times the amount of credit and I thought if there’s supposedly this abundance of data out…
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