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SYSTEMS AND METHODS FOR DETERMINING CREDIT WORTHINESS OF A BORROWER

  • US 20200134716A1
  • Filed: 10/28/2019
  • Published: 04/30/2020
  • Est. Priority Date: 10/29/2018
  • Status: Active Application
First Claim
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1. A method comprising:

  • receiving, from a user, a request for a loan, wherein the request comprises a loan amount;

    retrieving a description of a plurality of transactions performed by the user;

    determining, for each transaction of the plurality of transactions, one of a plurality of categories corresponding to the respective transaction;

    determining, for each category of the plurality of categories, a total amount spent corresponding to the respective category and a total amount of transactions corresponding to the respective category;

    determining, by a first machine learning algorithm (MLA) and based on the loan amount, the total amount spent in each category, and the total amount of transactions for each category, a predicted likelihood that the loan will be approved,wherein the first MLA was trained based on loan data corresponding to a plurality of users and transaction data corresponding to the plurality of users;

    determining, by a second MLA and based on the loan amount, the total amount spent in each category, and the amount of transactions for each category, a predicted likelihood that the loan will be repaid,wherein the second MLA was trained based on the loan data corresponding to the plurality of users and the transaction data corresponding to the plurality of users;

    determining whether to approve the request for the loan based on the predicted likelihood that the loan will be approved and the predicted likelihood that the loan will be repaid; and

    outputting an indication of whether the loan was approved.

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