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April 27, 2021

On the wires

Introducing Prism Data and the CashScore: Petal’s Transaction Intelligence Platform–and Cash Flow Underwriting–Now Available to the Broader Market for the First Time

Petal, a new kind of credit card company created to help people build credit and spend responsibly, today announced the launch of its first B2B enterprise product, Prism Data , to make Petal’s next-generation transaction intelligence platform—and unique cash flow based underwriting technology—available to the broader market for the first time, via a simple, lightning-quick API. Prism Data takes in raw, consumer-permissioned bank account transactional data from financial providers and transforms it into useful information those providers can rely on, giving them greater insight into credit risk, identity, financial status, and more.”

January 23, 2020

On the web

WSJ News Exclusive | FICO Changes Could Lower Your Credit Score

Wall Street Journal

Fair Isaac Corp., creator of FICO scores, will soon start scoring consumers with rising debt levels and those who fall behind on loan payments more harshly. It will also flag certain consumers who sign up for personal loans, a category of unsecured debt that has surged in recent years . The changes will create a bigger gap between consumers deemed to be good and bad credit risks, the company says. Consumers with already-high FICO scores of about 680 or higher who continue to manage loans well will likely get a higher score than under previous FICO versions. Those with already-low scores below 600 who continue to miss payments or accumulate other black marks will experience bigger score declines than under previous models.”

November 7, 2019

On the wires

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

“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 in early 2020, is another step in Experian’s commitment to helping improve the financial health of consumers everywhere.”

August 12, 2019

On the wires

May 15, 2019

On the web

Millennials Are Helping to Sound the Credit Card Alarm


“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 5.37% at the end of 2013. Obviously, the FICO scores for a large chunk of this group didn’t suffer during the downturn.”

May 1, 2019

On the web

March 4, 2019

On the web

February 4, 2019

On the web

September 11, 2018

On the web

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

Krebs on Security

“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 not worth the hassle. If that accurately describes your views on the matter, this post may well change your mind.”

August 24, 2018

On the web

Indian start-up PaySpoon dishes up mobile credit

Banking Technology

“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” for a loan. These kinds of quick fix loans are all over the UK as well; as people struggle to survive on low salaries and the high cost of living.”

3 types of alternative data

Experian blog

“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.”

March 20, 2018

On the wires

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 their purchase over time in simple, fixed monthly installments. Additionally, the company announced that consumers will have the ability to instantly add a newly issued Affirm virtual card to Apple Pay, the easy, secure and private way to pay, via the Affirm mobile app.”

March 15, 2018

On the web

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 to suggest financial products like credit cards that fit the bill, so to speak. Experian is acquiring ClearScore for £275 million ($385 million), plus an unspecified earnout based on future performance. The deal is expected to close later this year.”

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