The Patent-Pending Points-Based Lending Blockchain Start-Up, Plensy™, Is Prepared to Disrupt the Antiquated Lending and Monopolized Credit Reporting System Offering Asset-Backed Tokenized Loans with Zero Discriminatory Effects, Well Ahead of The Cabinet of US’s Proposed Public Credit Registry Campaign
The Credit Reporting and Lending Industries have long needed a breakthrough in alternative scoring and lending. Now more than ever, especially due to the COVID-19 economic hardships brought on by COVID-19, creditworthiness is perilous for citizens of the United States and globally. In March of 2020, then-Senator, now Vice President publicly Tweeted, “We must suspend wage garnishment, car repossessions, credit card interest and penalties, and any negative credit reporting for the duration of the pandemic (including for at least 120 days after this is over).”
Several years ago, the Founder & CEO of Plensy™ Sam Errama, who provides Lead Generation services for Automotive Dealerships through his company Pownder®, recognized crippling profit margins and punished consumers. These dealerships’ sales departments expressed their inability to provide loan options to customers, and Mr. Errama dived into creating a new points-based lending system and platform called, Plensy™.
Sam Errama further elaborates, “After witnessing firsthand numerous potential buyer’s credit reports with low or no scores at all in the automotive market, I knew the painful car buying and lending process needed disruption.”
The credit scoring system used by Americans today was implemented in the ‘80s using an antiquated mathematical algorithm equation. Plensy™’s new lending-points system leverages modern data analytics and algorithmic models to accurately assess a borrower without Increasing credit risk or any basis of discriminatory racial effects and is set to begin beta testing with the automotive market in 2022. By expanding the marketplace, diversifying risk, and creating social impact, Plensy™ is the most intricate and needed part of the equation to disrupt the monopolized for-profit companies — Experian, Transunion, and Equifax.
Two hundred twenty million US Citizens’ social security, lending collections, and payment data are absorbed by these companies without consumers’ permission or approval, punishing them on race, hospital bills, inquiries, and everything in between. In addition to charging a subscription fee to view credit scores, the big-3 even lower consumer scores when their credit is pulled for lending or applications for homes.
Demos, a think-tank organization, published a paper written by Associate Director Amy Traub in April of 2019, titled “Establish a Public Credit Registry”; now under Biden’s plan, the monopoly is under a financial microscope….
Read More: Is Plensy Leading the Race Against The Cabinet of US’s Proposed Public