A system that creates entity records, wherein the system includes a computer system. The system includes: a database arrangement operable to store existing data sources and a processing module communicably coupled to the database arrangement. The processing module is operable to receive unstructured data from existing data sources; structure the unstructured data to obtain data-records, wherein the data-records comprise entity names and entity attributes associated with the entity names; bucket data-records into one or more buckets based on similar entity attributes thereof; create intermediate clusters including at least one of the one or more buckets based on a pattern recognition algorithm; calculate a prediction probability score associated with each of the data-records within the intermediate clusters; combine the data-records from the intermediate clusters to obtain an entity-record, wherein the combined data-records include a prediction probability score higher than a predefined threshold.