Upstart.com update on credit access and the Bureau’s first No-Action Letter (CFPB)

An update on results provided under the Bureau’s No-Action Letter on alternative data and machine learning

CFPB Looking ahead

For those concerned about access to affordable credit, more work remains to be done.  The Bureau estimates that 26 million Americans are credit invisible, meaning they have no credit history with a nationwide consumer reporting agency.  Another estimated 19 million consumers have a credit history that has gone stale, or is insufficient to produce a credit score under most scoring models.  Without a sufficient credit history, consumers face barriers to accessing credit, or pay more for credit.

Source: An update on credit access and the Bureau’s first No-Action Letter | Consumer Financial Protection Bureau

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