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On the heels of the Consumer Financial Protection Bureau’s (CFPB) launch of a request for information (RFI) into the use of alternative data sources for consumers facing credit barriers, financial lenders and service providers are taking a longer look at the benefits of alternative credit data in identifying trends in credit invisible and underbanked consumer loan behaviors.
Consumer lenders relying solely on traditional data sources are unaware of the blind spots exposed with alternative credit data. FactorTrust’s latest Underbanked Index—a three-year analysis of alternative credit data on consumer loan behaviors—leverages often-overlooked insights into habits of underbanked buyers, assisting lenders in overcoming challenges finding new, non-traditional customers.
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Vice President, Global Sales & Business Development
Vice President, Analytics & Product Strategy
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