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“Give Me Some Credit!”: Using Alternative Data to Expand Credit Access

Author

Listed:
  • Terri Bradford

Abstract

Fintechs, credit bureaus, and financial institutions are collecting alternative data to develop new scoring models that supplement traditional credit reports. Studies, providers, and pilot programs suggest that these alternative data can improve credit reporting and thereby expand access to fair credit. However, use of alternative data is still low due to both uncertainty about the benefits relative to the cost and consumer concerns about use and privacy.

Suggested Citation

  • Terri Bradford, 2023. "“Give Me Some Credit!”: Using Alternative Data to Expand Credit Access," Payments System Research Briefing, Federal Reserve Bank of Kansas City, pages 1-6, June.
    • Handle: RePEc:fip:fedkpb:96403
    as

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    File URL: https://www.kansascityfed.org/Payments%20Systems%20Research%20Briefings/documents/9638/PaymentsSystemResearchBriefing23Bradford0628.pdf
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    More about this item

    Keywords

    credit reports; credit scoring; alternative data;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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