Upstart
Upstart operates an artificial intelligence lending marketplace through which more than 100 banks and credit unions use its underwriting models and cloud applications to originate…
Overview
Upstart operates an artificial intelligence lending marketplace through which more than 100 banks and credit unions use its underwriting models and cloud applications to originate consumer credit. Its personal loan model weighs more than 3,000 variables and retrains against loan level repayment and delinquency data arriving daily across the whole partner base, covering personal loans, automotive retail and refinance lending, home equity lines and small dollar relief loans. Lending partners set their own credit policy, objectives and risk appetite and remain the lender of record. The company publishes annual comparisons of its model against a traditional benchmark including outcomes broken out by borrower race and ethnicity, maintains hundreds of state licenses, and has applied for a national bank charter to be held in a separately regulated sister company.
Details
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