Consumer demand for financial products has shifted over the last 18-months. While many consumers were spending less and even paying down credit, many thin- and no-file consumers were actively seeking financial services at increased levels.
Over 20% of U.S. consumers are credit invisible. This large and diverse population is more than a good market opportunity for financial institutions. It is a chance to expand financial inclusion. Lenders can help consumers get out of debt cycles, allow gig-economy workers to establish credit and enable your financial institution to sign creditworthy customers while managing similar risk standards.
In our latest series Fostering Financial Inclusion in 2021 and Beyond, we explore the impact of the COVID-19 pandemic, how traditional scoring now needs alternative views to better evaluate borrowers, and solutions to grow your business — all while promoting financial inclusion. See how these consumers are actively seeking financial services, and how, for some communities, approval rates can be increased by 20% to 30% with little risk of increased default rates.
Traditional credit data is used to underwrite almost every major life decision for Americans, from applying for loans to renting a home. But relying on these traditional scores may leave a lot of underserved and/or credit invisible consumers out of the financial system. Uncover previously unknown or unscorable candidates with while managing risk thresholds.
Alternative data can help you gain a more expansive view of consumers — and offer both opportunity and empowerment. Learn more about how we can help you foster financial inclusion by visiting Credit Risk Assessment Solutions.
This document (a) is for educational purposes only and is not intended to and shall not be used as legal advice, (b) and (b) does not guarantee the functionality or features of LexisNexis® Risk Solutions products identified. LexisNexis® Risk Solutions does not warrant that this document is complete or error-free.
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