How Alternative Credit Data is Driving Financial Inclusion w/ Greg Wright

Only 82% of the US population can be scored using conventional credit scores. That unscorable 18% is overwhelmingly comprised of marginalized communities—and that extreme disparity is unacceptable in this day and age. However, things are changing. Alternative data sources are opening the door for lenders to offer credit products to marginalized communities in ways that do not create more risk. Lenders have tools at their disposal to drive financial inclusion today—not to mention boost ROI. In this episode, Greg Wright, EVP and Chief Product Officer at Experian, shares some of the approaches for broadening the scorable population while increasing lender accuracy. We discuss: - How new products are driving improvements in credit scorability - The consumer permission model in credit data - The regulatory landscape around credit data sources - Better scoring models built with AI and ML To hear more from Leaders in Lending, check us out on Apple Podcasts, Spotify, or on our website. Listening on a desktop & can’t see the links? Just search for Leaders in Lending on your favorite podcast player.