What Is a Credit Memorandum?

Sesame Credit is an independent third-party credit reporting agency under Ant Financial. It uses cloud computing, machine learning and other technologies to objectively present the credit status of individuals. It has been used in credit cards, consumer finance, financial leasing, hotels, renting houses, travel, marriage, love, classification Information, student services, public services, and hundreds of other scenarios provide credit services to users and merchants.

Sesame Credit

Sesame Credit, yes

On January 5, 2015,

Sesame Credit is a credit system designed based on all aspects of data.

Sesame Credit Score is the comprehensive processing and evaluation of massive information data by Sesame Credit. It mainly includes five dimensions: user credit history, behavior preference, performance ability, identity characteristics, and relationship. Sesame Credit is based on Alibaba's e-commerce transaction data and Ant Financial's Internet financial data, and establishes data cooperation with public agencies and other public institutions and partners. Unlike traditional credit data, sesame credit data covers credit card repayment, online shopping , Transfer, financial management, payment of water, electricity and coal, renting information, address relocation history, social relationships, etc. ^[1]

According to sesame credit, to view sesame credit scores, whether it is an institution or others, you must obtain the authorization of the user. In addition, the credit evaluation is directly presented in the form of scores to protect the individual's specific credit information and privacy.

In order to make it easier for users to understand the credit level of friends around them, Sesame Credit has set up a small game similar to "Credit PK", which can compete with friends. If the other party authorizes and agrees, you can also directly check the other party's sesame score.

During the public beta period, Sesame Credit has negotiated cooperation with partners in various fields such as car rental, housing, marriage, visa, etc., and will provide experimental services. For example, when the user's sesame score reaches a certain value in the future, when renting a car or staying in a hotel, It is hoped that there is no need to pay a deposit, you can buy it first when you buy online, you don't need to apply for a deposit certificate when you apply for a visa, and so on. ^[2]

• Extensive real-name users

All the users of Sesame Credit are real-name authentication users, covering a wide range. Many people who did not have a credit history in traditional credit reporting have also started to have their own credit evaluations.

• Unique data value

Sesame Credit's credit data covers hundreds of scenarios including lending, payment, travel, accommodation, public welfare, etc., including e-commerce data, Internet financial data, public agency data, partner data, user uploaded data, etc., which can well characterize credit status .

• Powerful processing power

Sesame Credit already has the same city disaster recovery switching capability and strong merchant credit information query and call capabilities, which effectively and steadily supports 7 * 24 hours of query calls for users and merchants in various industries since the public test.

• Keen industry insight

Sesame Credit has gathered a number of top global data scientists and financial industry leaders with experience in international risk management and credit management system construction. It deeply integrates traditional credit evaluation and Internet + innovative credit evaluation, and has rich experience and insights into the industry.

• Convenient scene applications

The sesame credit application has covered credit finance, credit car rental, credit hotel, credit renting house, credit marriage, credit visa and other fields, ordinary people can simply and intuitively feel the value and convenience of credit. ^[4]

Sesame Credit will not collect personal information such as user chats, text messages, and calls, nor will it collect and track users' comments on social media. Even if authorized by the user, only necessary and effective data related to economic credit evaluation are collected.

Except as otherwise provided by laws and regulations, the collection, sorting, processing, and output of user information, whether it is Sesame Credit or a third-party cooperative agency, must obtain user authorization. Without the authorization of the user, neither the sesame credit nor the partners can call the user's data.

All data are calculated through scientific scoring models, without human contact. The system also automatically desensitizes sensitive data through calculation rules. ^[5]

Sesame Credit Score	Opportunities to do
More than 600 points and no bad records	Rent a bicycle without rent	Ali Travel Hotel Enjoy Credit Stay	Ali travel Shenzhen OCT first pay after traveling	Condominium rent reduction	Enjoy the flower bar
Above 650 points and no bad records	Ubike bicycles without deposit car, Shenzhou car rental, Yi hi car rental without car rental	To apply for an online speed loan in installments
More than 700 points and no bad records	Convenient application for Singapore visa

Sesame Credit Score (referred to as Sesame Score) refers to the use of cloud computing and machines based on the user's various dimensions of data (covering financial lending, transfer payments, investment, shopping, travel, accommodation, life, public welfare, etc.) Learning and other technologies, through logistic regression, decision tree, random forest and other model algorithms, comprehensively process and evaluate data in all dimensions, objectively present personal credit in five dimensions: user credit history, behavior preferences, performance ability, identity characteristics, and relationships. Comprehensive score for condition.

The score ranges from 350 to 950. Continuous data tracking shows that higher sesame scores indicate better credit levels, and lower probability of default in financial lending, living services and other scenarios. Higher sesame scores can help individuals obtain more efficient and better quality service.

Composition of Sesame Credit Score:

1. Credit history: past credit account repayment history and credit account history;

2. Behavioral preferences: preferences and stability in shopping, payment, transfer, financial management and other activities;

3. Performance capacity: stable economic sources and personal assets;

4. Identity traits: sufficient and reliable personal basic information left in the course of using related services;

5. Relationships: the identity characteristics of friends and the degree of interaction with friends.

1.Credit-free rental car eases traffic and environmental pressure

For public bicycle rental, the traditional process is to apply for a cardfind a carridereturn a carsettlement. Most of the procedures for applying for a card are offline outlets, and there are usually fewer outlets. To run more than half of the city. For those who travel abroad, refunding the card is even more troublesome.

Yongan Public Bicycle and Sesame Credit jointly launched the code-free scan-to-code travel service. Credit-scanning code rental car, open the Alipay APP, click "Sesame Credit"-"Credit Life", select "Yongan Public Bicycle", and scan the code at the service site. It can be rented, and the whole journey is expected to take less than 1 minute. No deposit, no cash, no need to worry about losing your card and forgetting to bring your card, and other sites can pay it back. Foreign tourists can enjoy the same services as local citizens. ^[6]

• Socialization of credit relations will release new consumer power

Internet credit is essentially a type of consumption power, and the formation of new consumption power through the socialization of credit relationships will be an important driving force for economic growth.

• Credit will escort the Internet + economy

Credit is the cornerstone of economic development; Internet + credit can escort the Internet economy, allow the public to fully enjoy the convenience brought by information exchange and resource sharing, and make it easy for people and people, people and businesses because of credit.

• Internet + credit is also an inevitable choice for inclusive finance

Under the traditional credit reporting mode, it mainly examines people who have a credit history and an active credit history. A large number of vulnerable groups cannot be covered. Through the Internet + credit, more people can be covered, especially the disadvantaged groups such as farmers, college students and entrepreneurs, to promote financial inclusion.

• Helps create a social atmosphere for everyone's credit

"Let the trustworthy person go all the way and make the trustworthy person difficult", through the Internet + credit, can help people with high credit to obtain more efficient and better services, let the trustless person not enjoy the convenience brought by credit, and help keep trustworthy Everyone s habits.

2015.01.05: The Central Bank issued the "Notice on Preparing for Personal Credit Reporting Business", and Sesame Credit officially launched personal credit reporting preparations.

2015.01.28: The Sesame Credit Score was officially launched, opening up a new credit life for users.

2015.01.30: Sesame Credit cooperated with Shenzhou Car Rental, the world's first, to provide users with a new way of rent-free car rental.

2015.06.04: Sesame Credit cooperates with Ali Travel. Users with more than 700 points have the opportunity to conveniently apply for a visa to Singapore.

2015.06.06: On the first 6.6 credit day of Sesame Credit, the unmanned supermarket credit test caused widespread concern in the society.

2015.07.01: Sesame Credit Connection

Yesterday, Sesame Credit released the first domestic big data portrait of Lao Lai according to the data of the supreme people's court (Lao Lai). According to big data analysis, the eastern region, 40-49 years old, male, has a college or bachelor degree is a typical feature. According to the disciplinary data released by the Supreme Law, as of September 27, Sesame Credit has punished more than 540,000 Lao Lai, and more than 35,000 people have paid off their debts. According to the data provided by Sesame Credit, the number of credit punishment "Lao Lai" in Sichuan was 14,690, and the number of credit punishment Lao Lai's compliance was 717.

• What does Lai Lai look like?

According to data from the Supreme Law, as of the end of August this year, Lao Lai was restricted from travelling more than 1.55 million times on trains; more than 4.7 million times on air planes; the industry and commerce and market supervision departments at all levels across the country restricted the execution of untrustworthy persons as legal representatives, directors, There were 66,954 person-times including supervisors. So, what does Lai Lai look like?

From the perspective of gender, the number of male old Lai is three times that of female old Lai. In terms of age, middle-aged people aged 40 to 49 are most likely to fall into the credit crisis and become Lao Lai, accounting for 35%. From the perspective of education, Lao Lai with a college education accounted for 37.24% of the total, followed by undergraduates, accounting for 33.36%, and third, secondary education accounted for 25.15%. In terms of geographical distribution, the number of Lao Lai in the eastern region is higher than in the western region. Experts said that because of the more frequent commercial activities in the eastern region and the higher level of public awareness of human rights protection, there are a large number of cases and a large base.

• Supreme law and Sesame Credit sign joint punishment for Lao Lai

Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the "Opinions on Accelerating the Construction of Credit Supervision, Warning and Disciplinary Mechanisms for the Trustees of Infidelity". He will be punished the most severely.

In July 2015, the Supreme Law and Sesame Credit signed a contract, setting a precedent for the joint implementation of credit punishment by third-party commercial credit agencies through the Supreme Law. According to the data provided by Sesame Credit, there are 14,690 credit punishment laolai in Sichuan, ranking eleventh in the provinces and cities across the country, and 717 credit punishment laola performances. It is understood that joint punishment has formed an effective deterrent to Lao Lai. According to data from the Supreme Law, as of September 27, 2016, Sesame Credit has restricted more than 540,000 people with dishonest executions through various application platforms, and more than 35,000 people with dishonest executions have gradually paid off their debts.

The reporter learned that after the implementation of the contract, the negative impact will gradually weaken, but Lao Lai's historical record will remain for up to 5 years. ^[12]

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