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IOU Credit Score


IOU Notes has its own Credit Score (also referred to as IOU Credit Score) that users can utilize to evaluate others credit and loan worthiness and decide to do business with. This IOU Credit Score is independent of the traditional credit score (FICO) used in the financial industry. Every user will have the opportunity to start from fresh and establish their IOU Credit Score. Their traditional credit score will not factor in at all and users should judge other users on the IOU Notes platform based on their IOU performance and not their traditional credit performance.

IOU Credit Score are calculated using many different forms of IOU Notes data. This data is grouped into many categories such as IOU payment history (which consists of number of IOU transactions, dollar amounts of IOU transactions, average length to IOU repayment), IOU amounts owed vs. IOU credit, length of IOU credit history, number of users with credit history with, working with other users in different business categories, and loan mix if applicable. With IOU Notes the more users that other users have good working relationships with the higher their overall IOU credit score will be. This is because more users that extended credit and loans (if applicable) to other users and that they pay back regularly it displays that they honor their commitments with a large number of vendors.

IOU Credit Score considers both positive and negative information in the IOU Credit Report. Negative information will be such items as late payments, not paying backs IOU credit/loans, or paying them back very late. Reestablishing a good track record of making payments on time and changing related bad habits will raise overall the IOU Credit Score.

IOU Notes has different components of calculating IOU Credit Score above and the overall method to determine IOU Credit Score for a particular user at any given particular moment. There are different percentages of importance for each listed category. Users IOU Credit Score can change frequently based on the constant input of new data (transactions and other related factors).

Each deciding factor of the IOU Credit Score is listed below:

IOU Payment History: Other users on the IOU Notes platform whether they are lending money, or providing a product or service to other users wants to know that they will get paid what is owed to them. Next if they will get paid on time. IOU payment history also includes which other user accounts were paid on time, the amounts owed, number of other transactions, and the length of any late or non payments. This helps other users figure out the amount of credit or loan that they are willing to extend to that particular other user.

IOU amounts owed vs. IOU credit: This data includes the number of other users accounts that are owed money to, the type of debt, and its total amount. Also included is the ratio of money owed to credit available also known in traditional credit industry as credit utilization rate.

Length of IOU Credit History: This data includes a wide range of variables such:
- How long user has been on the IOU Notes platform.
- The age of transactions with user�s newest, oldest, and average age of all other users.
- Different types of users (example: different business categories) and user�s transactions with them.

IOU Notes has a rating system for its IOU Credit Score that ranges from 200 Points to 1,000 points and using a grading system A+, A, A-, B+, B, B-, C+, C, C-, D+, D, D-, and F+, F, F-.

A+: 950 - 1000 points
A: 900 - 949 points
A-: 850 - 899 points
B+: 800 - 849 points
B: 750 - 799 points
B-: 700 - 749 points
C+: 650 - 699 points
C:  600 - 649 points
C-: 550 - 599 points
D+: 500 - 549 points
D: 450 - 499 points
D-: 400 - 449 points
F+: 350 - 399 points
F: 300 - 349 points
F-: 299 points and below







Our Story and Mission

IOU Notes is an Financial Technology Company based in South Florida. Our mission is to empower all individuals, families, and businesses with financial freedom and to leverage their inherent rights.

Before banks and other financial institutions told us our worth and decided our credit limits, individuals, families, and businesses made agreements and it was backed by their word, which was as good as a contract. As time passed and things changed, the standard practice changed to contracts and other methods were established.

These days Financial Institutions (Banks, Credit Unions, Lenders) and Larger Companies who have the resources, provide credit and/or loans to others. This relates to these institutions decide the terms which equals to higher interest rates as high as 29% APR plus late and other fees. Payday loan APRs can total 400% or more when you factor in all the fees and interest. IOU Notes platform interest rate is set by users (from no interest - 5% max.

IOU Notes is here to put the power into those hands of the masses. With the IOU Notes platform every person
is their own bank.
The platform extends money creation and generating new money into the economy abilities to all people and businesses in every country (currently available only in US) regardless of their background, gender, race, religion, political affiliation, economic status, education, income level, or any other factors.


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