The diagram doesn’t display the exact score one gets for each category, or any details about how the scores were weighted (much less how the algorithm actually works).
The best guess, it seems, is to assume that the most extended angle in the pentagram shows where one has been particularly successful in racking up points.
Sixty-two more points would get me the privilege of renting a car without putting down a deposit, or applying for a loan with an unspecified limit and interest rate.
Compared to the United States, China’s financial institutions have done little to serve consumers and small businesses.
The People’s Bank of China— the central bank—runs the country’s only official credit rating system, and as of 2014 it serves only about 300 million people. In the US, by contrast, 89% of the adult population has a credit score (pdf, pg 24).
You can also check the scores of your friends, but only if they grant you permission.
My friend agreed to share her score with me, and I was surprised to see she had 655 points, even though she’s the same age and doesn’t have a good-paying job.
While it’s true that the Chinese government intends to create what it calls a “social credit system,” Sesame Credit and its competitors (of which there will soon be several) have little to do with such plans—at least for now.
Ant Financial tells Quartz that Sesame Credit is not a silly game, but the first system in China to incorporate online and offline data to generate credit scores.
Of course, I need to download the app and sign in before I have any idea just what the hell “SVIP membership” means.
Twelve more points would get me a 100-yuan () bonus when booking hotel rooms.
The company uses this information to better understand its users, and entering information results in a higher score, explains the spokeswoman.
It wants this data because it helps the service be more comprehensive.
Scores go up or down based on five categories: The first category takes into account purchases made using Alipay, and looks at purchasing volume, and the price of goods that are purchased.