Experian will offer a new product that assesses the creditworthiness of consumers with little or no traditional credit history.
Extended View uses information from Experian's credit data, rental information and public record data to develop a credit score for a person who is underbanked. The product provides a view of a consumer's payment behavior and can be used by banks, credit unions and auto lenders, Experian said in unveiling the product Wednesday.
Experian said that roughly 30% of the underbanked consumers are relatively low credit risks.
"Many of the estimated 64 million consumers with limited to no credit history that are unscoreable by traditional credit scores are creditworthy," Steven Wagner, president of Experian Consumer Information Services, said in a news release. "Extended View can redefine how businesses evaluate this underserved population and empower more consumers with cost-effective credit and financial opportunities."
Experian was scheduled to launch Extended View at American Banker's Underbanked Financial Services Forum in San Francisco.