“Give Me Some Credit!”: Using Alternative Data to Expand Credit Access

Terri Bradford

Payments System Research Briefing, 2023, 6

Abstract: Fintechs, credit bureaus, and financial institutions are collecting alternative data to develop new scoring models that supplement traditional credit reports. Studies, providers, and pilot programs suggest that these alternative data can improve credit reporting and thereby expand access to fair credit. However, use of alternative data is still low due to both uncertainty about the benefits relative to the cost and consumer concerns about use and privacy.

Keywords: credit reports; credit scoring; alternative data (search for similar items in EconPapers)
JEL-codes: E5 E51 G21 (search for similar items in EconPapers)
Date: 2023
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.kansascityfed.org/Payments%20Systems%2 ... ng23Bradford0628.pdf Full Text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedkpb:96403

Ordering information: This journal article can be ordered from
research.library@kc.frb.org

Access Statistics for this article

More articles in Payments System Research Briefing from Federal Reserve Bank of Kansas City Contact information at EDIRC.
Bibliographic data for series maintained by Zach Kastens (zachary.kastens@kc.frb.org).