Infographic
Published November 21, 2024
Credit Unions Financial Inclusion
While lenders like credit unions, CDFIs, and MDIs help bridge the gap to financial possibilities for consumers and small business owners, navigating the financial inclusion landscape can still be challenging. Allow Experian to guide you to business growth within underserved communities – helping you to find and approve more consumers while confidently mitigating risk. Learn how our portfolio of data and analytic solutions helps drive your business goals at every turn. We specialize in providing strategic consulting to help you elevate your financial inclusion approach.
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White Paper
Unlocking credit potential: the financial behavior and creditworthiness of ITIN holders
ITIN holders are active, responsible participants in the U.S. credit economy — yet many remain overlooked by traditional lending models.
Our white paper takes a closer look at this financially active and resilient population, revealing key insights into their credit performance and long-term growth potential.
Some findings include:
- Most ITIN holders are concentrated in states that represent a large share of the U.S. economy: California, Texas and New York.
- 76.9% of ITIN holders remained current on trades after 12 months, a rate 15% higher than SSN consumers.
- ITIN holders maintain a lower debt-to-income ratio (25%) than SSN consumers.
Read the full white paper for more insights.
Tip Sheet
A companion piece to Bridging the credit divide: income, risk and inclusion in consumer finance
This summary outlines important research findings that help lenders drive a more inclusive environment for customers, while mitigating risk.
A few takeaways:
- Understanding the profiles of who’s more prone to exclusion informs risk management.
- Machine learning techniques can also be deployed to help detect economic interaction effects or shifts.
- Attributes like education level, occupation or rent/utilities payment history have predictive power in credit outcomes.
Webinar
Unlocking alternative data for smarter fintech decisions
Join Ashley Knight, Experian’s SVP of Product Management, and Haiyan Huang, Prosper’s Chief Credit Officer, to discover how:
- Alternative finance data is redefining how to verify and connect identities.
- Email and phone intelligence is unlocking new levels of precision in credit marketing.
- Open banking insights are becoming increasingly critical for financial inclusion and mitigating risk.
White Paper
Closing the credit gap
Read the latest findings about "Closing the credit gap" white paper, and what they mean for financial inclusion and risk management.
Key insights:
- Income and credit trends reveal significant disparities that impact access to financial products.
- Demographic shifts across gender, household structures, ethnicities, and generations are reshaping borrower profiles.
- Lenders who adapt their strategies and product offerings can expand their customer base, reduce default rates, and lead in inclusive finance.