The Consumer Financial Protection Bureau is joining the growing chorus of groups trying to expand debt access for consumers who lack enough loan history to obtain a credit score. This untapped market is also known as the credit invisible. The CFPB said it is officially is seeking public feedback on the benefits and risks of tapping alternative data sources, such as bills for mobile phones and rent payments, to make lending decisions about consumers whose lack of credit history might otherwise block opportunities. During a field hearing in Charleston, West Virginia on Thursday, CFPB Director Richard Cordray explained that the bureau’s sole mission is to protect consumers in the financial marketplace, which includes ensuring that consumers can gain access to financial products and services that are fair, transparent and competitive. As a result, he said the CFPB is announcing a request for information about unconventional sources of information, new ways to analyze this data, […]Read More
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