Geovation Greener Smarter Communities Challenge

Improving Credit Rating For Everyone

This idea is to improve credit rating of people through serving the community, hence to improve the chance of borrowing of people and empower individual to grow.


Growth of economy is based on creation of wealth.

In order to create wealth, the most efficient way is to create wealth through leverage.

Loan is essential to wealth growth, yet many of the young generation is suffering from low credit rating hence a limitation in securing loan or mortgages or even low limit credit card.


It is almost a vicious circle that once you are low in credit rating, it gets really tricky when you grow up and trying to secure credit for living improving not to even mention mortgage.


However, the idea of credit rating is more about the credibility of a person instead of the power to repay a debt.

Therefore, I suggest a blockchain system in verifying the credibility of individual through completion of community services.


For example, an elderly would post a job of cleaning garden in response to verifying the work of a youngster, which would then be verified across the system in the community to hopefully improve the credit rating of the youngster and hence increase the chase of his/hers to secure credit when they grow up



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Idea No. 435