Alternative Data in Credit Underwriting

The Federal Reserve, CFPB, FDIC, NCUA, and OCC released an Interagency Statement on the Use of Alternative Data in Credit Underwriting.  The statement focuses on the consumer protection implications of the use of alternative data (information not typically found in a credit report) in underwriting, while highlighting potential benefits and risks associated.  One method of alternative data included in the … Read More

CFPB’s Alternative Data Request for Information

The CFPB released a Request for Information into ways to expand access to credit for consumers who are credit invisible or who lack enough credit history to obtain a credit score. Traditional credit history includes a borrower’s payment of debts such as mortgages, credit cards, and other loans. It is used by lenders to decide who can get credit and … Read More