APPLIQATE TO LAUNCH COMPSCORE AN ALTERNATIVE CREDIT SCORE
LEHI, Utah, May 28, 2019 (GLOBE NEWSWIRE) -- Appliqate, (APQT) a Wyoming Corporation, announces a strategic partnership with R3 Score Technologies, Inc a Delaware company, headquartered in Baltimore, Maryland. As part of the partnership, R3 Score will design and white-label a credit alternative score - CompScore exclusively for the Appliqate network.
The CompScore product is expected to release in pilot form initially. “We moved in this direction after surveying some of the entrepreneurs and business owners within our network. It was through the surveys we discovered the need for alternative and more contextualized credit scores,” says Darren Olayan, CEO of Appliqate. R3 Score seemed like a perfect partner as they had already developed risk algorithms and were deeply focused on financial inclusion for harder to serve populations. We are confident in their ability to adjust their algorithm to ensure all of the members of our network can be properly assessed. Our teams are working together and anticipate launching CompScore this quarter.”
R3 Score is a software-as-a-service (SaaS) business solution tailored for the 1-in-3 Americans living with a criminal history. The risk index has wide case business use to include an ability to serve as a credit alternative product. “Although the product was designed for people living with a criminal history, we knew our product could also serve mainstream consumers. By partnering with Appliqate we have the ability to not only take our product mainstream but to explore Blockchain as a method of delivery.
Many lenders believe that alternative credit data allows for greater participation of more consumers who are willing to expand access to other data points to increase their chances for funding approval. We believe the future is Blockchain and we are committed to bringing greater financial products and services by way of this emerging technology. We are on a mission to bring transparency and greater access to all consumers, Olayan expounded.
Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as “may”, “will”, “to”, “plan”, “expect”, “believe”, “anticipate”, “intend”, “could”, “would”, “estimate,” or “continue”, or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risk, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date hereof. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company’s filings with the SEC including the Current Reports on Form 8-K and the Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For more information please contact:
Una TaylorPresident385-429-2702 Una@appliqate.com