Alternative Credit Data Useful If Deployed Sensibly: Agencies
Law360 (December 3, 2019, 10:31 PM EST) -- The Federal Reserve and other U.S. regulators outlined Tuesday their thoughts on the use of alternative data in determining creditworthiness, cautioning that while such nontraditional information can bring significant benefits, consumer protection questions remain central.
The notion of applying alternative data points — such as an individual's cash flow, education or employment history — to lending algorithms has emerged as fintech lenders have sought to find ways to expand on traditional credit scoring.
The joint statement Tuesday from the Federal Reserve Board of Governors and four other federal agencies, including the Consumer Financial Protection Bureau, outlined that using alternative data can provide consumers...
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