High repeat-borrower concentration indicates that once members are underwritten successfully, the cost of acquiring incremental volume is far lower than new-customer acquisition, creating a closed-loop data moat that improves credit selection over time. Competitors without two-decade vintage data on this borrower segment cannot replicate the behavioral insight embedded in the model.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on · in our words, not the filing’s