Data governance

Last update: January 03, 2019

How does KliQr use data?

In underwriting credit, KliQr accesses customer financial transactions to determine various financial and psychometric parameters. Customer financial data we access are credit and debit transactions. We use this data to verify customers’ income, understand the current credit position and predict the risk of credit default. Our ML processing engine is trained to process the data to achieve our mission of helping organizations and individuals get value from their data. As a matter of principle, we only use data points that are relevant to a credit decision.

How do users share their data with KliQr?

KliQr accesses data in 2 ways. They do it on our Personal Finance Management (PFM) application on the Play Store, where we use our understanding of their finances to help them manage money better. Lenders or credit service providers may also share their customer data with KliQr to assess the potential risk of credit default. In both cases, there is an explicit opt-in for data access to both us and the lender / credit service provider by the customer for the stated uses.

How does KliQr protect user data?

User data are stored and managed in database servers that are secured with the highest standards of information security. Data is fully encrypted while in transit, and we access only the minimum amount of data required to deliver our use case.

How does KliQr support lenders to provide lending opportunities?

Our algorithms use alternative credit data like alternative financial data, periodic payments (e.g. rent or utility subscriptions), asset ownership information, etc, to predict the risk of credit default. With this, we help lenders an opportunity to improve financial inclusion by enabling those without traditional credit opportunities. The evaluation system is fair, as discriminatory factors like age, gender, social status, race, etc are not considered in evaluating credit risk. Our fully automated underwriting approach also eliminates the human biases that may disenfranchise borrowers.

Does KliQr share data with third parties?

Except as required by law or in the course of our business, we do not share personally identifiable information about any individual with any third parties.

General Statement of Responsibility

KliQr is committed to supporting fair and discrimination-free lending, where all borrowers are afforded the same opportunities to access credit. This means that when customers fill out credit request forms, they are providing information for lenders to have full biometric information about them, as required by prudential KYC guidelines but without prejudice to their social or economic backgrounds.