How Alternative Data Can Give More People Credit

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alternative data

Credit should be something this is accessible to all so that they can live out a life to their pursuits. Part of the American dream is owning a home after all, right? It’s going to be a tough road for many when they are unable to access credit using traditional credit scoring metrics.

Fear not, for the time has come for alternative data to factor in different ways of evaluating credit. Equifax is pioneering this new method, potentially being able to score up to 90% of previously unscorable consumers. 1 in 5 adults in the United States lack the credit history to even have a credit score. Consider this: 92 million US adults have little-to-no credit history. The breakdown of this 92 million goes further: 67 million have thin credit, meaning 4 or less accounts. The remaining 25 million are considered to be credit invisible, meaning that they have no credit history reported.

Learn more about how credit access may finally be opening up to more people in a more fair an equitable way for all using alternative data in the following visual deep dive below, courtesy of Equifax:

 


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