Bondora credit approval process involves several checks, which are done on the borrowers. Today we will be lifting the curtain on the process of credit checking by introducing you to a day in the life of our credit analyst.
We have 12 credit analysts, who are constantly performing checks on all incoming applications. We sat down with Tene Mäerand, who is a full-time credit analyst but also is a Bondora investor, to tell us about a day in her life at work.
“The first step for every application is a fraud check. We use our internal sophisticated system to filter out all those applications, which may potentially be fraudulent. At step two we assign borrowers’ a credit score, obtained by checking their information against national payment registries. Then, when we filter out all those borrowers with low credit scores, applications are moved into the data verification phase.
At data verification phase, or step three, we carefully look at all the supporting data, provided by the borrower, and verify every single important detail (such as customers’ names, employment, stated salary amount, stated liabilities, household size & number of dependents). Once all of these are checked, we make an offer to the borrower and if loan conditions are accepted, the application is moved to the market.
As an investor, I have full confidence in investing into income verified loans, because I know (for a fact) that all this information has been verified to the smallest detail. Well, I do it!”