Alternative credit data provides a clearer view of a consumer’s financial situation and ability to pay. Types of alternative credit data used across the credit spectrum include user-permissioned account data, cashflow transactions, rental data, property data, income data, and full-file public records, as well as data from nontraditional lenders such as single pay, rent-to-own, title loans and short-term installments.
Mitigate risk, make smarter decisions, and seize new opportunities with reliable and relevant data. The expanded view helps shape better decision-making and credit assessment to more easily identify high-risk applicants and implement precise and predictive underwriting strategies.
Millions of consumers and businesses lack the credit history needed to establish a credit score. With alternative data sources, financial institutions can improve the methods by which they evaluate underbanked consumers to facilitate first and second chances for borrowers and increase the number of profitable loans in their portfolios.
Alternative credit data is FCRA-regulated (displayable, disputable, and correctable) data that is not typically included in traditional credit reports and drives greater visibility and transparency around inquiry and payment behaviors, so businesses can gain deeper insight into creditworthiness and make more precise decisions.
Learn more about what is alternative credit data.
*"Alternative Credit Data,” refers to the use of alternative data and its appropriate use in consumer credit lending decisions, as regulated by the Fair Credit Reporting Act. Hence, the term “Expanded FCRA Data” may also apply in this instance and both can be used interchangeably.