Credit Builders Alliance and VantageScore Expand Pilot Program to Empower Underserved Borrowers
Hey FinTech Fanatic!
Credit Builders Alliance (CBA) and VantageScore have expanded their innovative pilot program, adding ten nonprofit lenders to test the VantageScore 4plus credit scoring model. This model integrates traditional credit data with consumer-permissioned bank account information, aiming to provide a more accurate assessment of creditworthiness for individuals with limited credit histories.
The initiative, supported by JPMorgan Chase, offers each participating nonprofit a $10,000 grant, access to CBA's CREDIT AS ASSET™ training, and entry to the 2025 CBA Annual Symposium. These resources are designed to assist lenders in effectively implementing the new scoring model and enhancing financial inclusion efforts.
Dara Duguay, CEO of CBA, emphasized the program's potential impact: "The VantageScore 4plus model and the bank account data it takes into account deliver a more accurate credit score, facilitating access to credit for people who have previously been declined."
Jeff Richardson, SVP of Marketing at VantageScore, added, "By testing the credit score impact with nonprofit lenders, this initiative will showcase the positive impact that the VantageScore 4plus credit score model can have on lending outcomes for underserved borrowers."
This expansion underscores a commitment to leveraging alternative data to bridge credit gaps and promote equitable access to financial services.
Read more global FinTech industry updates below 👇 and I'll be back with more tomorrow!
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