What Might Surprise You About Alternative Credit Scores

Consumers without credit scores are essentially ineligible to apply for lending products such as credit cards, mortgages, and auto loans. But recent advances in alternative data and credit scoring methods have made it possible to generate credit scores for millions of otherwise “unscoreable” consumers. Credit scores can give millions of additional consumers access to mainstream lending products, allowing them to forego payday lending or other products that expose them to excessive fees and interest rates, and other undesirable terms.

At a recent panel discussion hosted by the Housing Finance Policy Center, three experts discussed the benefits and challenges of alternative credit scoring. In honor of Financial Capability Month, we share six surprising facts that emerged about alternative credit scores:

via Six things that might surprise you about alternative credit scores | Urban Institute.

BIZCATALYST 360°
BIZCATALYST 360°https://www.bizcatalyst360.com/about/
We are an Award-Winning lifestyle, culture, and business new media digest, serving as the global hub for enhanced performance and well-being. With an emphasis on action, our 500+ international contributors empower people to transition from knowing what to do to actually doing it. All of this complemented by syndication relationships with a choice group of equally innovative media outlets. Today and every day, we simply deliver the very best insights, intelligence, and inspiration available anywhere. And we do it our way, placing our writers and our audience at the forefront. It's timeless. It's evergreen. It's simply good stuff. Period. More About BC360°
avatar
  Subscribe  
Notify of

REAL PEOPLE

Powerful voices from around the globe that speak to our shared human experience. May they inspire you and give you great hope.

JUST 1 CLICK

IS ALL IT TAKES TO LEARN SOMETHING NEW TODAY

Must Read

JUST 1 CLICK

IS ALL IT TAKES TO BEGIN ENJOYING OUR PODCASTS

JUST 1 CLICK

IS ALL IT TAKES TO EXPLORE OUR INSPIRING GLOBAL COMMUNITIES

Email List Login