The “safe” route for lenders is to focus only on prime applicants based on traditional credit scores. But, your competitors are all going after that same pool. Instead, you need to better differentiate and segment these full-file consumers for more compelling offers. You also need to look at a bigger pool that’s largely ignored: Creditworthy applicants who are below the magic score, or unscorable, yet exhibit “prime” financial behaviors.
One-fifth of the U.S. population is unbanked or underbanked, and 24% of this group is unscorable. Many of these consumers are likely to be as creditworthy as those full-file, prime applicants. In fact, our own analysis showed that, when applying enhanced criteria, 51% have a similar default rate to highly coveted prime consumers.
 FDIC National Survey of Unbanked and Underbanked Households, 2013
 LexisNexis Risk Solutions research, 2013
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Generate a FICO score for unscorable credit applicants