A pilot program offered by FICO, LexisNexis and Equifax could eventually lead to creditworthy consumers with thin credit files using alternative data to obtain credit, the companies said.
The alternative data could be derived from places such as property records, and telecommunications and utility firms. The companies said the new method could enable up to 15 million consumers who otherwise do not have credit data to obtain credit.
Twelve of the largest card issuers are currently taking part in the program, which enables them to receive an additional FICO score that they can use to extend credit to millions more people, the companies added.
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