About five years into my time in Hong Kong, I slipped my foot into a shoe only to bump into a frog sleeping inside it. Rough calculations say that, by that stage, I’d slipped a foot into a shoe 3,650 times in the city so the odds were greatly stacked in my favour. And yet, so great was my shock, and so increased was my awareness of what might slip under the door, that I checked every shoe every morning from there on out.

Lending is similar. The pain from the one loan you lose can overshadow the joy from the nine, or even ninety-nine, that pay you back. So you take precautions. You tip over the shoe. Or maybe you’re more scared of frogs than I am, and you poke a stick in there. Fair enough. But sometimes, those precautions become overkill. Maybe you’re that scared of frogs that you won’t settle for anything less than one of those bendy cameras surgeons use. Unfortunately, you don’t have one of those bendy cameras surgeons use so you go barefoot.

Or, if we bring this back to lending, new to credit borrowers get turned away, not because they’re risky, but because lenders lack the data we want to be one hundred per cent sure they’re safe. Lenders are too scared of frogs.

The study we’re speaking about is here: https://content.transunion.com/v/english_report_empowering-credit-inclusion-a-deeper-perspective-on-new-to-credit-consumers

And as we mentioned, your local TransUnion homepage will also have links to the country-specific versions where those are available: the USA, Canada, South Africa, among others.

Charlie can be found on LinkedIn at https://www.linkedin.com/in/charlie-wise-959570/

You can learn more about me on my LinkedIn page, my action-adventure novels are on Amazon, some versions even for free, and my work with ConfirmU and our gamified psychometric scores is at https://confirmu.com/ and on episode 24 of this very show https://www.howtolendmoneytostrangers.show/episodes/episode-24

Oh, and I'll announce it properly, but I'll be recording an episode of this show at Money2020 Europe in June so if you're going to be there, too, let's meet up. And if you're not, but you would still like to participate in the show, reach out to me at https://www.howtolendmoneytostrangers.show/contact-us

Regards, Brendan

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