Forecasting creditworthiness in credit scoring using machine learning methods
Mukhanova A. Baitemirov M. Amirov A. Tassuov B. Makhatova V. Kaipova A. Makhazhanova U. Ospanova T.
October 2024Institute of Advanced Engineering and Science
International Journal of Electrical and Computer Engineering
2024#14Issue 55534 - 5542 pp.
This article provides an overview of modern machine learning methods in the context of their active use in credit scoring, with particular attention to the following algorithms: light gradient boosting machine (LGBM) classifier, logistic regression (LR), linear discriminant analysis (LDA), decision tree (DT) classifier, gradient boosting classifier and extreme gradient boosting (XGB) classifier. Each of the methods mentioned is subject to careful analysis to evaluate their applicability and effectiveness in predicting credit risk. The article examines the advantages and limitations of each method, identifying their impact on the accuracy and reliability of borrower creditworthiness assessments. Current trends in machine learning and credit scoring are also covered, warning of challenges and discussing prospects. The analysis highlights the significant contributions of methods such as LGBM classifier, LR, LDA, DT classifier, gradient boosting classifier and XGB classifier to the development of modern credit scoring practices, highlighting their potential for improving the accuracy and reliability of borrower creditworthiness forecasts in the financial services industry. Additionally, the article discusses the importance of careful selection of machine learning models and the need to continually update methodology in light of the rapidly changing nature of the financial market.
Creditworthiness , Decision tree classifier , Gradient boosting classifier , Linear discriminant analysis , Logistic regression , Machine learning
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Department of Information Systems, L. N. Gumilyov Eurasian National University, Astana, Kazakhstan
Digitalization Department, Abylkas Saginov Karaganda Technical University, Karaganda, Kazakhstan
Faculty of Natural Sciences, Non-profit Limited Liability Company, M.H. Dulaty Taraz State University, Taraz, Kazakhstan
Department of Software Engineering, Atyrau State University Kh. Dosmukhamedova, Atyrau, Kazakhstan
Department of Biostatistics, Bioinformatics and Information Technologies, Astana Medical University, Astana, Kazakhstan
Department of Information Systems
Digitalization Department
Faculty of Natural Sciences
Department of Software Engineering
Department of Biostatistics
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