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The use of rent data in credit models is allowing people with low credit scores or thin credit files to get loans. But consumer advocates warn the use of that data could harm the very people it’s supposed to help.
July 5 -
The data from these transactions could help millions of borrowers with thin or nonexistent credit files. But how the credit reporting industry collects and treats the data may matter more than the data itself.
March 9TransUnion -
Americans with student loans are about to get a stark wake-up call on their borrowings as government relief programs phase out, according to a blog post by the Federal Reserve Bank of St. Louis.
March 1 -
Esusu, a financial technology company that aims to help bridge the racial wealth gap by reporting rent payments to credit agencies, has become one of only a few Black-owned startups to reach a valuation of $1 billion after closing a Series B round led by SoftBank Vision Fund 2.
January 27 -
The startup PointCard's new charge card ignores applicants' credit scores, instead weighing their cryptocurrency holdings and other investments to determine ability to repay.
January 12 -
The COVID-19 pandemic has exacerbated income inequality in America, and that has implications for banks and other lenders. Among those suffering most: renters, front-line workers and minority small-business owners.
August 23 -
The bank's earlier decision to stop accepting applications for the consumer loan product had sparked a backlash among customers and lawmakers.
August 18 -
Tens of millions of consumers diligently pay their rent, utilities and other bills every month yet have no credit history. Supplementing traditional credit scoring with such data will promote equity and upward economic mobility, says the CEO of Experian North America.
July 2Experian North America -
Kikoff, whose investors include Golden State Warriors' star Stephen Curry, provides applicants with a no-fee $500 revolving line of credit they can use to purchase personal finance books and courses from its online store. The company then reports this payment activity to some credit bureaus.
June 30 -
The new feature allows users to add thin-file spouses and teens on one account.
April 20