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Blockchain Startup Aims to Cut Out Equifax From Loan Process

  • SoFi, OnDeck Capital join group to cut out credit bureaus
  • Sharing may be enabled by Spring Labs ‘triple-blind’ method

Blockchain startup Spring Labs is partnering with 16 lenders and fintech firms to test a system to eliminate centralized entities like credit bureaus from their role in granting loans to individuals and companies.

Credit bureaus such as Equifax Inc. and Experian Plc have risen to occupy a dominant role in the granting of loans because banks have several problems when it comes to sharing the customer information necessary to grant debt.