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Financial Inclusion

US Credit Bureaus Launch National Consumer Assistance Plan

Equifax, Experian and TransUnion Launch National Consumer Assistance Plan to Enhance Credit Report Accuracy, Consumer Experience Equifax, Experian and TransUnion announced a National Consumer Assistance Plan that will enhance their ability to collect complete and accurate consumer information and will provide consumers more transparency and a better experience interacting with credit bureaus about their credit reports. The plan was announced ... Read More »

Financial Inclusion: TransUnion’s CreditVision Risk Score Raises Eligibility for better Terms

A recent TransUnion study found that more than 23 million U.S. consumers would be classified as Super Prime, the highest-rated consumer credit risk group, when evaluated by TransUnion’s CreditVision® risk score. Compared to the use of a traditional risk score, the use of CreditVision would increase the percentage of consumers in the Super Prime risk category from 12% to 21%. ... Read More »

The Year of the Free FICO® Score

The FICO® Score Open Access program has reached a major milestone — its 1st anniversary. Since FICO launched the program in the fall of 2013, FICO® Score Open Access has expanded significantly, with over 60 million account holders gaining regular access to free FICO® Scores by January 2015.  Participating banks and lenders include Barclaycard, Citi, Discover, First Bankcard, Hyundai Motor ... Read More »

CIBIL: Expanding Information Sources to Rate First Time Borrowers

The Credit Information Bureau (India) Ltd (CIBIL) has written to Reserve Bank of India (RBI), Irda and Trai to enable the Bureau to collect data from service providers that would facilitate the first time borrowers to have an indicative credit score. Speaking on the sidelines of Fifth Annual Credit Information Conference, organised by CIBIL, M V Nair, chairman, CIBIL said that ... Read More »

Creditscoring for Consumer Loans

Faster available – less delinquencies – lower costs – higher willingness to pay – more competition Studies have shown the benefits of credit scoring for consumer loans for the economy and consumers.  Within this context data protection regulations are particularly relevant. Creditreform Germany:  The assessment of the credit by professional credit scoring for consumer lending has positive effects on the ... Read More »

Internet Should Be Driving Indian SME Growth

It is no secret that SMEs drive ecosystems.  The same applies for India.   There are nearly 48 million SMEs in the country who provide a variety of services or are engaged in the manufacture of intermediate and finished goods, collectively accounting for a sizeable share of India’s industrial output.  While the sector employs 40% of India’s workforce, it contributes only ... Read More »

Experian, TransUnion Start Adding Rent Payment Data

Consumers who have made on-time rental payments had been frustrated that their histories didn’t count in credit scores.  The non-reporting of key credit records is costly to renters, economy as a whole. Why?  Because the landlord, phone and cable companies, and many other creditors don’t report your payments to Equifax, Experian or TransUnion, the big three credit bureaus. In the ... Read More »

US Risk Climate:  Debt Levels Affect Consumer Behavior

There is nothing mysterious about this connection. The consumer that is in debt is a consumer that will not be contributing to the retail renaissance and will be continuously worried about the status of their job.  At the moment 35% of the US population is in some form of debt collection and 77 million people owe at least $5,000.  That ... Read More »

The Guardian Launches Online Financial Inclusion Network

The Guardian Global Development Professionals Network launched its Financial Inclusion hub, featuring stories, infographics, videos, and other resources on financial inclusion issues worldwide. The hub will be updated regularly over the coming months with original content. The first collection of posts includes: Using mobile money to buy water and solar power in East Africa Funeral insurance in South Africa: counting the ... Read More »

Experian and Capita Partner in Rental Exchange Project

The Experian – Capita partnership will enable housing providers to share their tenants’ rental payment information quickly and easily Experian® has partnered with Capita’s software services business, to enable easy and efficient collection of social housing rental data from social housing providers.  By sharing rental data, social housing providers will play a key role in helping their tenants gain access ... Read More »

Google Capital Backs Credit Karma with 85M Funding

Google Capital participates in a new funding of $85 million for Credit Karma, a San Francisco-based startup that provides free credit scores to consumers.  Google Capital financed roughly half of the $85 million round, with the rest coming from Tiger Global, Ribbit Capital, and Susquehanna Growth Equity. People visiting Credit Karma can take a free peek at their credit score ... Read More »

PERC: BIG Data for Smallholders

PERC has partnered with Experian MicroAnalytics (EMA) to develop an innovative solution to expand access to finance in emerging markets, especially for the rural poor. Financial Identity Risk Management (FIRM) is a solution that will enhance the data needed to assess a borrower’s credit risk and estimate their borrowing capacity. FIRM was featured in a recent ICT Update, focusing on ... Read More »

Credit Scoring: An Effective Way to Ensure Availability of Timely and Adequate Credit to Micro and Small Enterprises (MSEs)

In a keynote address by Dr K C Chakrabarty, Deputy Governor of the Reserve Bank of India, at the Training Workshop on Credit Scoring Model (Mumbai Nov. 29th, 2013), stated that credit scoring offers a modern alternative for the traditional method of evaluating loans for small businesses where loans were approved on the basis of the banker’s qualitative judgment and ... Read More »