VerifyMe

About VerifyMe

Grab VerifyMe app generates an alternative credit score to help Grab Financial Services make a credit decision when you apply for a loan with Grab.

How does Grab VerifyMe app work?

When you make an application for a loan with Grab Financial Services, Grab may ask you to download this app to receive an alternative assessment of your creditworthiness. If you choose to participate, you may download the app and allow Grab to collect and use information from your phone to generate a credit score. The credit score is provided only to Grab.

How does Grab use information on my phone to create a credit score?

Our research shows that, in the absence of reliable credit bureau data, certain data points on the phone are predictive of an applicant's tendency to repay a loan.

The data points we collect do not directly identify you.

We do not ask for access to your social media account to create your credit score.

We ask for this information on behalf of the participating bank because it might tell them something more about you as a borrower. With your permission, we access data points from Calendars, Contacts, Phone, Storage, and Other.

The information we retrieve is used only to calculate your credit score and to find the correlation between you as an applicant and the predicted default rate. This information is not used to sell ads nor shared with any third party.

These are some examples of how the data points we collect relate to your credit score:
* Calendar – A higher number of events scheduled during working hours of working days shows higher willingness to repay.
* Contacts – A lower number of contacts with more than one phone number tends to indicate lower willingness to repay.
* Storage – A higher number of music files tends to indicate a lower willingness to repay.

You may choose to provide us with access to one or more of the categories requested. However, the more information that you provide, the more accurate your credit score will be.

Grab respects your privacy

We always ask permission from you before accessing the information on your phone. All information requested is relevant to creating a credit score for your loan application. You may choose not to provide the information requested. However, your credit score may be inaccurate or unavailable for your application as a result.

You will not be required to create an account with this app. You will instead be required to enter the code provided to you via SMS/Notification by Grab with whom you have made the application. This allows Grab to link your credit score with your application.

We process the information and Grab receives some limited pseudonymised information about you including the results of the credit assessment in relation to the loan you are applying for. While the information remains attributable to you, it cannot be reverse engineered to produce the original raw information collected.