Do you have the right consumer reports to score credit invisibles?
Mar 16, 2017 Walt Wojciechowski
There are about 26 million credit invisible consumers throughout the U.S., according to a report from the Consumer Financial Protection Bureau. While these individuals represent an untapped market, engaging them in the lending process is difficult because loan officers, underwriters and others have no traditional credit data to reference in the approval process.
The value of delivering education through consumer lending services
Mar 13, 2017 Walt Wojciechowski
Complicated lending processes can deter consumers from engaging you further. How can you tactfully educate them of the loan approval process?
Answering the CIO's questions about alternative credit data
Mar 02, 2017 Philip Burgess
Alternative credit data can be a dependable resource for lending professionals, but how does such information impact the IT department?
How to manage financial risk when engaging credit invisibles
Feb 20, 2017 Walt Wojciechowski
Americans with thin-file and no-file credit reports represent a huge business opportunity for lenders. According to the Consumer Financial Protection Bureau, approximately 26 million people in the U.S. are "credit invisible," meaning they don't have reports with any of the big three credit bureaus.
How alternative credit data can help enterprises achieve fair lending
Jan 30, 2017 Walt Wojciechowski
The 2008 recession put financial institutions under the microscope. Consumers are quick to judge FIs for both real and perceived transgressions, and organizations such as the Consumer Financial Protection Bureau aren't afraid to pursue companies accused of violating fair lending laws.