What is Merit Scores about?
Merit will revolutionize the credit reporting and lending industries. Beyond the classic credit score as we 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.