Disrupting the Credit Bureaus

Yesterday, literally while shaving, I was thinking about credit bureaus – how they gather all of this information about us from third party sources (with varying degrees of accuracy) and then sell it back to credit grantors seeking to find some assurance of our credit worthiness.

What if, I wondered, we had our own place to provide that information – our own “credit profile” as it were. For honest folks, it would be much more accurate than what the bureaus provide.

This morning, I came across this blog post by Jeremy Liew, a partner at Lightspeed Venture Partners. Turns out he’s been thinking along similar lines – “idea of using publicly available data to make better underwriting decisions”. His post is titled “Data exhaust moves beyond targeted marketing and into financial services decision making“. Love that term – data exhaust! Fascinating stuff – and worthy of more work.

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