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Chance Credit

Inspiration

In a world where financial services remain out of reach for many underserved communities—where 1 out of 10 adults in the U.S are credit invisible—we were inspired to create a solution that empowers individuals facing these barriers. Our mission is to provide essential financial tools, such as credit assessment and loan facilitation, while promoting financial literacy and inclusion.

What it does

Chance Credit is a platform that calculates credit scores for individuals with little or no traditional credit history by leveraging alternative data such as employment history, income, expenses, and re-payment history. We empower borrowers to understand their financial standing and access flexible, affordable payment plans for essential tools or education, fostering upward mobility and long-term success. By directly purchasing goods or services on their behalf and allowing repayment in manageable installments, we prevent fund misuse and promote responsible financial habits.

Key Features:

Credit Score Assessment: Leverages alternative data to generate credit scores, empowering under served individuals to access financial opportunities.
Loan Plan Customization: Offers personalized repayment options aligned with the user’s unique credit profile and financial situation.
Item-Price Evaluation: Ensures requested loans are practical and aligned with financial goals.

How we built it

Frontend: Built with Next.js, ensuring a responsive and interactive user experience. It captures user data, displays credit scores, and manages frontend-backend communication.
Backend: Powered by Flask, the backend processes user data and calculates credit scores using Logistic Regression and linear models for accurate predictions. It securely manages data in an SQLite database.
Database: SQLite stores user data, including employment history, income, expenses, payment history, and calculated credit scores.
Integration: Communication between the frontend and backend occurs via RESTful APIs, enhanced by Flask-CORS for cross-origin support.
Tools: We utilized libraries like Faker to generate test data and joblib for machine learning model integration.

Challenges we ran into

Frontend-Backend Synchronization: We faced the challenge of continuously synchronizing the backend with the frontend, to ensure a seamless flow of data between the frontend and the Flask in an asynchronous environment. This required an immense amount of coordination between the backend and frontend temas to maintain smooth and real-time communication.
Dynamic Algorithm Development: It took us the longest time to find a way to create a flexible credit scoring algorithm that balances simplicity with real-world applicability, while incorporating meaningful parameters to ensure accurate and practical assessments.

Accomplishments that we're proud of

Functional End-to-End Application: Successfully built a cohesive platform within the limited timeframe of the hackathon.
User-Centric Design: Designed an intuitive interface that simplifies financial literacy for users.
Scalable Backend: Developed a robust backend capable of integrating advanced features, such as AI models and fraud detection.
Customizable Scoring Algorithm: Implemented a weighted scoring system tailored to individual financial profiles.

What we learned

API Design: The importance of creating intuitive and robust APIs for smooth frontend-backend interactions.
Cross-Language Design: We learned how to use two distinct frameworks for the frontend and the backend which helped us maintain a clear separation between presentation and logic.
Teamwork: Leveraging the power of teamwork to overcome challenges and meet tight deadlines.

What's next for Chance Credit

AI Integration: Enhance the credit scoring model with machine learning for more accurate predictions based on user data patterns.
Fraud Detection: Develop algorithms to flag suspicious activities and safeguard the platform.
Blockchain Technology: Use blockchain for secure, transparent, and tamper-proof transaction records.
Financial Education: Integrate educational tools to empower users in building better financial habits and improving creditworthiness.
Expanded Services: Include microloans, savings plans, and a broader range of payment options to create a comprehensive financial inclusion platform.

Chance Credit remains committed to breaking barriers in financial accessibility, empowering individuals and communities globally.