Loan voice: Captain Credit wants you to know your rating
Credit scores play a crucial role in financial stability and access to credit, even in countries where they are not widely known. In Israel, credit scores aren’t widely understood by the public, as they were only put into effect in 2019; however, understanding the importance of credit scores and how they are calculated can help Israelis make informed financial decisions and potentially secure better loan terms.
To that end exists Captain Credit, an app developed by Dun &
Bradstreet’s credit department. The application taps directly into the Bank of Israel’s credit score database, enabling individuals to quickly check their credit scores.
According to Anat Gissin, Captain Credit’s CMO, providing Israeli residents with quick access to their credit score information is the first step toward establishing a more diverse ecosystem surrounding credit and its use cases. “The whole system was part of legislation enacted to make the Israeli market more competitive to get more companies to enter the credit market, and we see today that it’s starting to come to fruition.”
She noted increased knowledge among consumers will allow businesses to offer more services based on scores, and foster more willingness for people to do business with multiple financial companies. Thanks to credit scores, she said, “If I go to a new institution to get money, they can know whether or not they can trust me, which will allow them to actually try competing with my own bank.”
As the credit market matures, Israelis are likely to see a variety of loan options available based on personal credit ratings, much like one might see in the US. As for the app itself, Captain Credit’s ultimate goal is to work with financial companies and consumers in order to find ideal matches between parties based on credit scores.
“We want to enable loaners to create ads that are segmented and can reach specific audiences. That way, success in selling the product will be much higher for the loaner and it will be much easier for the consumer to see what he can actually get with his credit score.”
Now, Captain Credit is leading the charge toward building up Israel’s future credit market; Gissin noted it’s likely because the process of getting the app up and running was a real financial and bureaucratic headache. “It’s not simple. It takes a lot of effort and a lot of investment. Working with the BoI requires heavy regulation,” she said. “We are the first to believe that this investment will pay off in the end, because we believe in this creating a change of atmosphere. We believe in the power of these many people to take this information and create a better future for themselves.”