Merit will revolutionize the credit reporting and lending industries. Beyond the classic credit score as they know it, Merit will provide an individual, personally-controlled profile made up of factors that you determine are reflective of your true and accurate credit worthiness, or your “Merit”. Significant and individually relevant data can be combined with a classic credit score to facilitate a more accurate and fast credit worthiness evaluation. Applications and approvals related to complex transactions will be easier, as the User and credit provider will be able to digitally and instantly request and provide necessary and relevant data. Credit providers will also be able to select groups of Users, based on specific, searchable data criteria, who qualify for specific offers. Data will be stored, shared and secured on the blockchain. Users will share their selected and relevant data via hashed unique keys purchased with Merit Tokens. The ultimate goal is to create a world-wide credit worthiness for everyone, your Merit.

Individual User Services

VERIFICATION: Merit will provide documentation verification to ensure legitimacy. Merit will offer a multi-tiered approach that lets Users determine how to identify themselves to achieve a ranking. Certain types of documentation will have greater ranking weight. Additionally, User uploaded documents can be further validated and improve their ranking by providing Notary validated documents. Users choose which level of verification to provide. CREDIT OFFERS: Users will be able to opt-in for targeted credit offers by providing the information requested in various offers from lenders or creditors. For example, if a User is looking for a new or better credit card, they will go to the New Credit page in their dashboard and select the data requested by existing lending offers. Merit will automatically match the shared data and display all the offers the User qualifies for based on the shared data. This will allow creditors and lenders looking for new clients to find appropriate Users and compete for business.

DATA SHARING: Utilizing a simple and straightforward dashboard, Users will upload or import and store their data on the blockchain. When User data is requested or a User wants to share data, they will decide what specific data to share.

Creditor Services

VERIFICATION: The cost and time investment related to verification will be vastly reduced for creditors and lenders. Consumers routinely require long periods to obtain and provide documents on, for example, a mortgage application. The broker is required to comply with Know Your Customer regulations and verify that borrowers are a good financial risk.

LOAN OFFER MATCHING: Currently, when lenders and creditors have various offers available to consumers, they still have to go through the process of obtaining the application, credit score and subsequent documentation to round out the approval requirements. With Merit, lender criteria for loan approval will be available to Users who can, in turn, select their profile with the matching criteria to share, along with the application in one single digital share. Conversely, a User will be able to submit their selected profile to the Merit peer-to-peer lending network for loan terms they are interested in. Based on the submitted User profile, Merit will try to match the User to a lender looking for borrowers with that same criteria. Lenders will be able to create creditworthiness algorithms for risk evaluation based on their company needs, allowing creditors to adjust the risk factors based on what they determine is important for their business. Because more than one lender will be participating in Merit loan matching, lenders can compete for terms with qualified Merit Users.

Merit Score

The Merit Score will be a combination of parameters to assess the creditworthiness of a User. The Merit Score will include the classic credit score and history, as well as, any financial profiles required to assess a more accurate and realistic creditworthiness (e.g., employment history, net worth, bank accounts, other loans, payment history, etc.). As more and more transactions are added to a User’s profile, their Merit Score will improve. Merit will assign values to the overall data received and transactions completed in a User’s profile. Merit will generate a score based on the User’s aggregate data. Unlike a classic credit score, data such as a notary verified birth certificate or a state issued and directly uploaded driver’s license, for example, will carry significant weight in developing a User’s Merit Score. Additionally, data such as utility bills, leases, student id’s, etc. can be factored in. With your Merit Score built on a wider variety of far more relevant data and information, your creditworthiness will no longer be judged by the antiquated classic credit score, but it will be viewed by the actual creditworthiness that is your Merit Score.

The ICO

ICO Supply and Offering
Merit Token Maximum Supply: 500,000,000
Merit Token Offering: 250,000,000
Price Per Merit: (USD) $0.40
Merit Minimum Transaction: 100 Tokens

 

Source: youtube/Meritt Protocol


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