Online reputation start-up, Traity, announced this week the launch of its open-source blockchain project “The Reputation Network.” The initiative aims to be the infrastructure that pulls together all of the emerging alternative credit scores. Users can prove that they are trustworthy quickly and more effectively, accessing the most relevant data and scores whilst controlling their personal data and protecting against privacy breaches.


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Founder Juan Cartagena shared, “Before the Equifax breach, there was the Experian breach, the Anthem breach,and the OPM breach.These companies stockpile our data but can’t keep it secure. The poor handling of these breaches shows they are not up to the task. With the Reputation Network, users have full control over who sees their data.”

Most people think about their credit scores as little as possible, but recent breaches have shed light on the giant firms that store immense troves of consumer information. Inquiries on your credit score can be done with and without your permission.

Earlier this year it was reported that there have been 100 billion FICO scores sold so far. Equifax had more than $3.1 billion in revenue last year, largely from selling consumer data to other companies. Experian’s revenue came to $4.34 billion, while TransUnion had $1.7 billion.

“Users of the reputation network have full control over their data by issuing signed permissions when opting-in and allowing-to-read to third parties. This also lets companies have cryptographic proof that they have the consumers’ permission to use their data. Read permissions are ephemeral, so consumers have fine control about when their data will be used,” adds Juan. Further benefits come from Blockchain technology decentralizing the data so that the possible outcomes of a massive breach are reduced to just parts, and not the whole picture.

In addition to increased privacy, the use of alternative scores on an infrastructure like the Reputation Network may have further benefits. Members of Congress have drafted legislation that would encourage Fannie Mae and Freddie Mac to use alternative scoring models in place of FICO. They state more competition would lead to lower costs for those who use the scores and many benefits for consumers.

Low credit scores generally mean bigger down payments and higher interest rates for consumers, placing even greater pressure on people who are poor or who simply lack credit history.Higher trust scores can save consumers thousands interest payments over their lifetimes, when they get better rates on
loans. It can also give consumers more options for financial products, like credit cards with better rewards.

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About Traity

Traity measures trustworthiness using online data including networks, ratings and reviews from Facebook, Twitter, LinkedIn, Airbnb, eBay and Uber to determine a person’s financial TrustScore. The inspiration for Traity came from Traity CEO Juan Cartagena own experience as a new resident of the United States with no local credit rental or employment history, he was a ghost in the system. Traity has since raised over $5 million in funding and worked with some of the biggest insurers and banks in the world.

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