Improve Your Colendi Score and Financial Reputation

4 min read


When the differences between the creditworthiness of people all around the world are considered, it can be seen that credit lending does not offer the same degree opportunities for everyone. It means that while to get access a credit loan has favored for the people who have a high credit score, it leaves consumers in less well-off financial inclusion if they can’t show their eligibility to take the credits in markets. The inequality to get access the credit lending opportunities between consumers evokes the mechanism of a loop because as low-credit scored people can’t have a credit loan, those consumers have not a chance to create an eligible credit score, and so to obtain a loan continues to be challenging issue for these people.

Traditionally, credit scoring methods obtain the potential borrowers’ information by using the data from centralized credit bureaus to evaluate their creditworthiness on their repayment history. However, the mechanism of existing credit infrastructure for traditional credit scoring blatantly ignores the unsecured consumer credit analysis. Thus, it is obvious that these credit scoring services need a transformation about their data collection methods. Traditionally, banks build their financial scores based on track records of their customers, which hinders the process of discovering the real characteristics of a potential borrower. Since they can’t freely access the necessary private data of the potential customers, their degree of freedom is limited to their databases. So, it is possible to say that the limited scope of traditional credit scoring mechanism refers to an impediment for financial inclusion of potential borrowers.


With the help of decentralized Blockchain technology, Colendi has occurred as a microcredit and credit scoring platform to overcome the chronic problem for the people who have low-level creditworthiness by going across the borders of developed countries with high-income disparities, emerging markets, and lesser developed economies. On the contrary to traditional methods, it is most comprehensive credit scoring platform that utilizes a broad range of material from smartphones, social media, and transaction logs through its machine learning algorithms to evaluate the creditworthiness of potential borrowers including unbanked people. Thanks to this kind of “revolutionary” platform, we can mention the new benefits regarding the predictability of loan performance and ease of access.


In recent years, there have been various attempts to create blockchain-based credit scoring methodologies and decentralized ID systems by several entrepreneurs in the market. However, apart from Colendi, no another project has yet to offer a holistic solution for creditworthiness evaluation that includes a well-performing risk assessment tools and can serve as a global financial passport without ignoring privacy and reliability principles.

Under the guise of these principles, the obtained data of the users are either encrypted with users’ public keys or anonymized, and may only correctly take place in Colendi network after checking existing user approval with the data partners in credit scoring process. Furthermore, since the data are kept in decentralized Ethereum Blockchain, Colendi cannot edit or relate a data segment with the user’s ID parameters. It means that the data owner is only authorized to access each data segment. All of these network related events in a decentralized data storage system are recorded to make instant updates on users’ Colendi score. In that sense, a financial rating of each user is shaped by not only data from a smartphone, social media, and user inputs but also their Colendi credit history that shows transaction logs and repayment performance.


All in Colendi dApp

Thanks to our Colendi web or mobile dApp, you can learn and control your credit score. On the score page of Colendi applications, there will be four links that you can click to link your accounts to Twitter, Facebook, Linkedin, and Gmail. As you compare your accounts one by one, you’ll see your first Colendi digital score that is uniquely calculated by our protocol for each user. The Colendi score is calculated in your application, and Colendi moves your score to the Ethereum test network. As we mentioned earlier, Colendi enables customers to enhance their credit scores in global context via the mobile and globally valid self-sovereign identity. Since the Colendi scores can be increased by the various transaction logs and smooth repayment performance, it is significant to take place in the buying or selling any good over Colendi platform, borrowing or lending to other users, in brief, to expand transaction activities for each user.  As one of the essential tools to create or enhance Colendi score, Colendi Card is a new payment method and can be obtained physically and connected to users’ Colendi ID and scores by users.  The users who have the Colendi Card can create Colendi Scores for each transaction. These can be efficiently handled without the risks carried by typical credit cards, such as excessive credit and high-interest rates and the users can efficiently transact with the merchants in the rapidly-growing Colendi ecosystem or anywhere a MasterCard®️, and Troy®️ is accepted. Thus, it is possible to mention the users’ enhancing financial reputation on a global scale.

Additionally, we can talk about Colendi wallet, as another issue that controls and expedites any transaction activities for credit scoring process in our platform. This is where users can manage the transactions of their Colendi Tokens(CODs) as well as controlling them. In order to send or receive COD, you can interact with your friends or contact other people within the Colendi community, and you will see your wallet page that makes the necessary changes on top of the existing features, users will soon be able to list the integrated merchants within the Colendi network and apply for microcredits. As the gap in income disparity widens further every day for a great majority of people, there is an increased risk for these individuals to be financially excluded. In this kind of risky environment, Colendi, a reliable creditworthiness platform, can be seen as a chance to expand the inclusiveness of the microcredit industry in financial markets.


Get your Colendi ID and Score now

Colendi provides a self-sovereign and mobile credibility identity for the users with the help of its highly developed credit scoring mechanisms. Colendi ID is users’ self-sovereign digital identity including their relevant information in a private and protected model working on the decentralized Ethereum Blockchain. When a user logs in to the Colendi application, only their Colendi ID is shared with the users on the network to keep the entire data private. It means that access to identity parameters is only possible by user-owned smartphone and a private key that was given to the user during registration.


We will keep on working hard for the Colendi Project and keep you updated. Keep following us!





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