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In The Media

Third Party Data Verification

by Larry Chiang on September 18, 2014

Larry Chiang is a credit industry expert and a J.B.A. (Jedi in Business Administration). As padawan to Mark McCormack, Chiang got to keynote at a University he was verbally recruited to: “Harvard Law School”. Afterwards, Harvard Business wrote: “What They Don’t Teach You at Stanford Business School”. Be a Jedi in Business Administration by reading the Harvard HARBUS posts that cite and source his mentor’s book, “What They Don’t Teach You at Stanford Business School” and see revenue based computer science mentorship, “Follow Your CS183B Effort, Not Your Passion”. In this post, he explores how credit reports are used to augment background checks employers run on CS major CRO’s (#CSmajorCRO) and other employees…

Larry Chiangby Larry Chiang


It’s an industry filled with truths that seem counterintuitive, going against common sense.

Well, if you set aside and suspend your disbelief, all y’all might make some money starting up a “Mark McCormack Mini Company Concept”.

Previously, when I taught it at Stanford, I called it LCMCC. [Specifically, (#LCMCC), Larry Chiang Mini Company Concept. It was experimental in 2010, so I didn’t want to sully my mentor, Mark McCormack]

INDUSTRY PROBLEM: third party credit data verification is broken.

Experian is hawking, (trans union product pun intended:-), and selling Third Party Verification of mailing addresses. TPV isn’t available for cellphone or email.


Let me repeat, third party data verification doesn’t let me credit screen whether the credit applicant is using a Google voice number. Third party credit data verification does not check email address age as it pertains to credit quality and connection to social networks.

To Clarium-ly clarify (lol, my Peter Thiel reference!), doing third party verification of an email address, H-E-L-P-S. It helps that the email address collected on your credit application tells your underwriters if the email address was created yesterday. Or if the email address the credit card applicant submitted is tied to – their
– Amazon account
– Netflix account.
– Facebook.
– LinkedIn
– Rapportive.

Disclosure: for PayPal, I stemmed the email address fraud by tying a credit card number to each email address. I did this as a contractor “UCMS”.

Disclosure: I was an early advocate of third party data verification and financially benefitted from “thin file analysis”

Page 7!!!: So thin credit file analysis takes a small credit report data set and goes to third parties. For example, if a person has little credit history, what cellphone subscription is the cell network on. Verizon is very different from Net 10 wireless from a credit quality standpoint. AT&T friends-and-family account #3 of 5 is a very different credit risk from a Google voice number or VPN or Twilio block number Trans Union, Equifax, and Experian are all in the dark ages because they operate under the legal guise of 1970s based laws. Aka FCRA, Fair Credit Reporting Act. If you’re a Stanford (undergrad) engineer, do an LCMCC. Help banks and credit unions and auto finance companies better optimize credit scoring, by starting up a mini company. It’d do third party verification.
9:59 video sums up 14 chapters of a book coming out 11-11-2019 “What They Will NEVER Teach You at Stanford Business School”

Fashion Week’s front row

What A Super Model Can Teach a Harvard MBA About Credit American Express hosts me mentoring you about FICO scores at New York Fashion Week
My Stanford Engineering video boils down 20,000 hours and moves you to the right on the entrepreneur bell curve
CEO of Duck9 MIT University Entrepreneur in Residence (EIR) Duck9 = “Deep Underground Credit Knowledge” 9 125 University Avenue/ 100 Palo Alto CA 94301 650-566-9600 650-566-9696 (direct) 650-283-8008 (cell) **************** Editor of the BusinessWeek Channel “What They Don’t Teach at Business School” CNN Video Channel: Read my last 10 tweets at Author, NY Times Bestseller “What They Will NEVER Teach You at Stanford Business School” comes out 11-11-14 52 Cards. Two Jokers. What They DO Teach You at Stanford Engineering Emergency swings and cutting deals as an 9 year old ########## Duck9 is part of UCMS Inc. 630-705-5555 More on #ENGR145’s SHIFTING right on the entrepreneur bell curve

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