Credit Scoring and the Creation of a Generic Predictive Model Using Countries’ Similarities Based on European Values Study

Starting with a new product in a new market brings companies a lot of risks and costs. There are companies, who can provide generic scoring models, but usually the accuracy of generic models is not sufficient and they are expensive. The possibility to create a generic predictive model based on a similar country model has been studied. The European Values Study and GESIS Data Archive have been used for research and the similarity coefficient has been calculated and used in the model. The results show that it is possible to build a new model using data from another, similar country and thus minimize costs and risks.