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How Alternative Consumer Credit Data Increasingly Supports Lending Decisions

Nieuws
14-02-2024
Kevin King
As lenders make an effort to reach out to a wider audience, the use of alternative credit data is becoming more influential in their decisions, for BNPL and longer-term conventional loans.

By KE Hoffman, interviewing Kevin King, vice president, credit risk and marketing at LexisNexis Risk Solutions

As banks, credit unions and other lenders continue to vie for new borrowers, markets and opportunities, many have discovered conventional means of credit scoring and risk don’t necessarily hold up.

Hence, most lenders looking to grow their lending business are embracing so-called “alternative credit data” to approve up-and-coming borrowers. These alternative data represent factors generally not included or weighted heavily in national credit reporting agencies (NCRA) formulas. That could include a potential customer’s income and employment information, inquiries and payment records to ‘specialty’ lenders like payday lenders, utility and mobile payment history, rental payments, peer-to-peer lending history and social media profiles.

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Lees verder op: the financial rand.com

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