CFPB Contemplates Using Alternative Data In Credit Scores

Law360, New York (February 16, 2017, 12:02 AM EST) -- The Consumer Financial Protection Bureau on Thursday announced plans to look into whether using so-called “alternative data” like rent and utility payments for credit scoring could make it easier for millions of Americans to get access to mortgages and other credit.

The federal consumer finance watchdog put out a formal request for information about ways that data that is not typically calculated by consumer credit bureaus can be used by lenders to more easily evaluate consumers who are considered to be “credit invisible” because they do...
To view the full article, register now.