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CFPB Looks at Alternative Credit Data

CFPB Looks at Alternative Credit Data Featured

The Consumer Financial Protection Bureau launched an inquiry 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. The Bureau is seeking public feedback on the benefits and risks of tapping alternative data sources such as bills for mobile phones and rent payments to make lending decisions about consumers whose lack of credit history might otherwise block opportunities.
The Bureau estimates that 26 million Americans are credit invisible, meaning they have no credit history with a nationwide consumer reporting agency. Another 19 million consumers have a credit history that has gone stale, or is insufficient to produce a credit score under most scoring models

Last modified on Friday, 17 February 2017 00:42

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