A new incubator program aims to expand the use of alternative data for scoring, thereby expanding access for more borrowers. The use of alternative data to gauge individuals’ creditworthiness is expanding as many fintech companies and other lenders look for ways to broaden their pool of potential customers. But making lending decisions based on alternative data sources is not yet an exact science—which is why FICO has created a new digital testing ground to fine-tune tools that may help open up credit for hundreds of millions of potential borrowers.Read Full Story
Comment on FICO ramps up effort to build better credit scores with an experimental data lab for lenders
Christopher Zara, Fast Company
Fri, 05/12/2023 - 7:50am
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