Experian proposes new system to provide credit scores to the underbanked

Gaining access to finance and lending is often dependent on the issuance of a consumer credit report. However, underbanked individuals can be significantly hampered by this rule. As a result, one of the major national credit score providers is developing a program that could incorporate more than 60 million Americans into the credit system, according to the website The Inquisitr. Experian's "Extended View" system will use non-traditional data, such as rental and child support payments, as well as short term lender repayment history to assess creditworthiness. The system is already proving popular with lenders of all sizes. The website reports that approximately 15 small-to-large lenders are considering adopting the program to expand their lending services. This program would help the underbanked access an untold number of services, empowering them to finance and lease cars, rent apartments and qualify for home or business loans. It could also protect individuals from falling prey to potentially deceptive services, the website explains. Experian is the only one of the three major national credit reporting firms to introduce such a system so far.