Many financial services companies are beginning to capitalize on marketing to the underbanked consumers - individuals who do not have credit cards or are not associated with traditional banks. The Huffington Post reports that a higher number of institutions are reaching out to these consumers, as they represent a large amount of the American population. With the very large number of American consumers who are underbanked, the Center for Financial Services Innovation anticipates this number will increase in the coming years. Since it is harder to measure the consumer credit reports
of underbanked individuals, financial companies are creating new products in order to measure the risk of lending. Microbilt offers the PRBC credit report, which is aimed at helping businesses determine the creditworthiness of borrowers. The PRBC Consumer Report relies on a variety of alternative consumer data, such as employment information, bank accounts, FICO score and bill payments. With a large amount of American consumers lacking traditional credit histories, the PRBC report serves as a valuable tool for businesses to work with individuals while reducing liability and risk for the company.