What are the data storage and security requirements for alternative credit data?

As with prior developments in the evolution of credit underwriting, including the advent of credit scoring, the use of alternative data and analytical methods ... Alternative credit data looks beyond traditional credit data, which typically focuses on long-established credit activities. These expanded credit insights, ... What is Alternative Credit Scoring? Alternative credit scoring is used to examine additional data sources and other relevant factors to assess borrowers with ... May 17, 2022 ... New alternative credit scoring systems present challenges not covered by the Fair Credit Reporting Act or the Equal Credit Opportunity Act. A movement is under way to collect and score alternative data that reflect the many payments credit-underserved individuals routinely make for insurance, ... Aug 8, 2024 ... Alternative credit data refers to nontraditional data that lenders use to assess a borrower's creditworthiness, especially when there is limited ... Oct 29, 2024 ... Telecom Alternate Credit Scoring: Harnessing AI/ML for Enhanced Risk Management · 1. Identifying Potential Bad Debt Situations: It enables ... Oct 26, 2022 ... FHFA began to explore new models in 2014 and submitted a request for information on alternative credit scores in 2017. In 2018, Congress ... Moving from the current Classic FICO credit score model to require lenders to use two credit scores generated by the FICO® Score 10 T and the VantageScore® 4.0 ... May 15, 2024 ... VantageScore today announced that its newest credit-scoring model, VantageScore 4plus™, is now available for pilot by banks, fintechs and ...