With a new gadget – credit history is always at hand

Although frequent consumers in financial institutions borrow and buy in installments, only a few apply for credit properly prepared, according to a population survey. Smartphone app Goodpass will help people get to know their personal finances better. It provides all financial information that financial institutions see when applying for funding.

A survey by research firm Synopticom showed that 81% of respondents plan to buy or have already purchased financial products. However, the vast majority of consumers – or 61% – are unaware of their credit rating, and 30% have no idea what their financial data is about a credit institution applying for credit.

Mortgage credit, car leasing or a credit card

Mortgage credit, car leasing or a credit card

Make life easier at different stages. It is now easier to predict whether or not a financial institution will grant credit, and if so, under what terms. The Goodpass mobile app developed by our team will help you find answers to these questions. It will allow your phone to have structured information from your bank statement, your credit history report and your credit rating. With all of this on your phone, you can quickly and accurately evaluate your credit or leasing opportunities, ”says Justinas Kaminskas, Director of Start-up UAB Goodpass.

Good Finance’s analysis reveals that non-bank consumer credit and leasing companies were at the top of 2017. On average, 74% of citizens rejected their credit applications, so it is important for citizens to know better what they will look for when applying for funding. According to the survey, 14% of respondents plan to buy by leasing, similarly to a consumer loan or a small loan.

“This gadget is like a mirror that says, ‘come on, look at the bank today.’ I believe that start-up efforts can significantly change the level of financial literacy of consumers in Lithuania and, in the short term, in other countries as well, ”says Andrius Bogdanovic, CEO of credit bureau Good Finance.

Market research company Synopticom conducted a representative online survey of 503 people in 2017. December 21-28, commissioned by starter Goodpass.

The Goodpass app can be downloaded free on Google Play by smartphone owners and the App Store on iPhone owners.

Goodpass develops smart bank scanning, facial recognition and other smart solutions. It runs the Good Finance Sandbox, a sandbox for business. Designed by Goodpass, the app allows citizens and businesses to easily share their credit history, bank statements, credit rating, and financial passport with credit providers and other businesses on their smartphones.

About Good Finance

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The Good Finance credit bureau is an information system provided (and retrieved) by commercial banks, credit unions, leasing, consumer credit, telecommunications and other companies. Using advanced forecasting techniques, the credit bureau develops rating models that predict future customer behavior, programming customer application management and other systems.

The credit bureau plays an important role in the financial system by helping financial institutions make sound credit decisions and by facilitating access to finance for sound businesses and citizens.

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