Tagged: credit models

CFPB Comments on First No Action Letter & Use of Alternative Data for Credit Approval: Access to Credit Increased with Lower APRs for Consumers

In 2017, the Consumer Financial Protection Bureau (CFPB) issued its first No-Action Letter (NAL) regarding the “use of unconventional sources of information,” or “alternative data,” to evaluate individual creditworthiness. Earlier in that year, the CFPB had launched a Request for Information pertaining to alternative data…. Read More

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