Widespread adoption of credit scoring by financial institutions over the past 30 years has made credit available and affordable to a majority of US consumers. But the ongoing challenges millions of Americans face when attempting to access credit remain an issue of great concern to consumers and consumer advocates, financial institutions and policymakers. Is there an opportunity to go further, opening onramps to credit for a much broader population? Can new types of data help lenders safely and responsibly extend credit to consumers who traditionally don’t receive credit scores because of insufficient or nonexistent credit bureau information?
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