BFEX: Altering the Flawed System of Credit Scoring
An individual’s credit score is a very important metric as in crucial financial situations it can be the key factor in determining if one gets a loan to support a prospective profitable business venture. However, the way credit scoring is taken with levity by different credit scoring agencies is a cause for alarm. Errors are made a lot when scoring an individual’s credit. In America, one in every five consumers have an error in the credit file; and it’s not an error that improves their credit rating. It instead drops them lower. In turn, lenders use the blundered metrics to give higher interest rates if the borrower is eventually granted a loan or conditions that don’t go in line with your plans. In the real sense of it, the scoring system being used by these agencies is outdated and isn’t in line with the current system that is meant to be used. It’s this archaic system that BFEX aims to replace
WHAT IS BFEX
BFEX (an acronym for Bank Future Exchange) is a platform whose objective is to end the current system of credit scoring by credit bureaus and introduce fully, the social form of credit scoring. The vision is to introduce peer to peer lending system free from all forms of limitations that individuals face when trying to get loans from financial institutions. The
BFEX team understands that a lot of people with innovative ideas and plans don’t have the capital nor means to execute their plans. And that’s why they’ve created this platform to cater for the needs of those worthy of getting loans but are denied because of the archaic credit scoring system being used.
BENEFITS OF BFEX
• BFEX aims to switch the credit bureau scoring system which is full of errors to a far more accurate social scoring system thereby allowing transparency in the credit system so deserving and eligible people will be credit worthy
• BFEX aims to create that symbiotic relationship between borrower and lender. For the lender, it can be a type of investment with sure returns. And for the borrower, the loan can help boost the individual’s business tremendously and in turn giving off a lot of profit more than enough to cover both the borrowed cash and the interest.
• BFEX aims to give half the profits made on it’s cashbacks to its wallet users. Naturally, the price of the BFEX token is expected to rise but with the introduction of the profit donation on cashbacks, the investment made on BFEX tokens is bound to pay off with steady increase in profits over the years
• BFEX aims for its tokens to be accepted by its business partners and spendable by its users. Some of the platform’s current business partners include Anchana Resort and Spa and the Waltz eyewear store. Imagine using your tokens to plan out a beautiful vaction at Anchana Resort in Thailand or purchasing a Christian Dior shade from and the Waltz eyewear store. How cool is that?! BFEX also has several other business partners Wattana Jewelry shop, Tuba, Guan Yin, MarkOne and so many others
BFEX Token Sale
It’s an ERC223 token and its total supply will be 210,000,000. The price for one token at ICO will be between 0.3$ to 0.5$. The hard cap to be reached is 36,000,000 USD.
To get more information about BFEX, visit the links below
Website: https://bfex.io/
Whitepaper: https://bfex.io/pdf/en/bfex_white_paper.pdf
Telegram: https://t.me/BfexOfficial
ANN Thread: https://bitcointalk.org/index.php?topic=3375492.msg35948905#msg35948905
Bounty Thread: https://bitcointalk.org/index.php?topic=3384033.0
Facebook: https://www.facebook.com/bfexofficial/
LinkedIn: https://www.linkedin.com/company/bfex/
Twitter: https://twitter.com/officialbfex
Medium: https://medium.com/@bfexofficial
Author Username: DJHaywire
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=2037035