On The Web

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In a Few Days, Credit Freezes Will Be Fee-Free

September 11 2018

• in
• Underwriting

“Later this month, all of the three major consumer credit bureaus will be required to offer free credit freezes to all Americans and their dependents. Maybe you’ve been holding off freezing your credit file because your home state currently charges a fee for placing or thawing a credit freeze, or because you believe it’s just […]

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Tech

Indian start-up PaySpoon dishes up mobile credit

August 24 2018

• in
• Underwriting

“The firm says it offers micro credit lines built on bank and alternative data. It explains: “No matter who you are, there always will be situations that set you back financially. You might end up having to seek the help of your friends or family.” Via its Spoon app, users can log in and are “instantly eligible” […]

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3 types of alternative data

August 24 2018

• in
• Underwriting

“25% of U.S. consumers are considered “thin file” because they have fewer than 5 items in their traditional credit histories. By adding information from alternative data sources, such as on-time rental data, 23% may move from thin file to thick file status. Consider these 3 data types as you work with emerging consumers.”

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This new credit card helps build a credit score for people who don’t have one

February 4 2019

• in
• Underwriting

‘For Petal founder Jason Gross, launching the company last fall was all about extending credit to people who have previously been locked out of the system.”

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Tech

Use a Landline? That Could Help You Get a Loan From Discover

March 4 2019

• in
• AI
• Underwriting

“Discount-store shoppers may soon get an unexpected benefit: better odds when applying for personal loans from Discover Financial Services . Discover, best known for its credit cards, plans to use artificial intelligence to assess hundreds of unusual characteristics about personal-loan applicants in an attempt to get its rising losses under control.”

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U.S. Banks’ Bad-Debt Pile Creeps Higher With Credit-Card Losses

May 1 2019

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• Underwriting

“For the biggest U.S. banks, not all consumer debt is created equal.    Credit-card losses are outpacing auto and home loans at a rate not seen in at least a decade. The question is whether banks’ plastic problem is an outlier or an omen.”

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Millennials Are Helping to Sound the Credit Card Alarm

May 15 2019

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• Underwriting

“Some 8.05% of outstanding credit card debt among Americans between the ages of 18 and 29 was delinquent by at least 90 days, the highest level since early 2011, according to data released this week by the Federal Reserve Bank of New York. That’s by far the highest share among age groups and up from […]

On The Wires

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Affirm Introduces In-Store Capabilities

March 20 2018

• in
• Underwriting

“Affirm, Inc., the company started by entrepreneur Max Levchin to provide fair and honest financial products, today announced Affirm will partner with merchants to make Affirm financing available in-store. Now shoppers can use Affirm InStore in brick-and-mortar locations, securing credit in just seconds before they even get to the cash register, and can pay for […]

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HSBC Bank’s Personal Lending Platform Goes Live

August 12 2019

• in
• Underwriting

“HSBC Bank USA , N.A., (HSBC), part of the HSBC Group, one of the world’s largest banking and financial services organizations, today launched its digital lending platform powered by industry-leading end-to-end technology platform Amount . The new digital lending platform provides U.S. consumers a simple way to apply for personal loans online.”

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New Experian Credit Score May Improve Access to Credit for More Than 40 Million Credit Invisibles

November 7 2019

• in
• Underwriting

“In a move designed to help credit invisible and thin-file consumers gain access to fair and affordable credit, Experian today announced Experian Lift™ – a new suite of credit score products that combines exclusive traditional credit, alternative credit and trended data assets to create a more holistic picture of consumer creditworthiness. Experian Lift, available for lenders […]