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Eight Percent upgrades credit scoring model based on 7.2 million data points

Online investment-linked finance firm Eight Percent will apply its fifth-generation proprietary credit scoring model, built using about 7.2 million personal credit screening data points, to personal credit loans. The company plans to evaluate repayment capacity in greater detail for mid-to-low credit borrowers and people with limited financial histories while reducing the number of screening variables. It said internal simulations showed improved discriminatory power for repayment capacity compared with using only credit scores from personal credit rating companies.