Payments News

On The Web

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3 types of alternative data

“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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Risk & Fraud

Experian acquires UK’s ClearScore and its financial product matching engine for $385M

“While credit-scoring behemoth Equifax continues to work through the fallout from its massive security breach, one of its big competitors is snapping up a startup in the UK to diversify its business. Experian today announced that it is acquiring ClearScore, which has built a platform that — like Experian — offers you a credit score, which it then uses it […]
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Tech

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

“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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Tech

Indian start-up PaySpoon dishes up mobile credit

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

“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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On The Wires

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Affirm Introduces In-Store Capabilities

“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 […]