What is the potential impact of artificial intelligence on alternative credit scoring?

If these issues are not addressed, alternative data-driven credit-scoring systems can potentially amplify transparency and discrimination issues, preventing ... Feb 3, 2022 ... Insurance companies can now calculate real-time credit scores based on evidence, shown in behavioural data from mobiles and web use. This ... Mar 19, 2024 ... ... credit score and most recent tax returns and bank statements,” wrote Funding Circle. However, alternative lenders provide small loans with ... Jan 26, 2023 ... Alternative credit scoring models incorporate alternative credit data* that isn't typically found on consumer credit reports. These scores aren' ... While using alternative credit scoring is not a substitute for bad credit, it can be a vehicle to offer more affordable loans than sub-prime programs offer. Jan 20, 2025 ... My work contributes socially by improving access to finance for the un- and underbanked, as well as academically by filling gaps in research. A ... While alternative credit scoring may ultimately benefit some consumers, it also poses significant risks. Credit-scoring tools that integrate thousands of ... Feb 12, 2025 ... Discover how alternative data enhances credit scoring, helping lenders to better assess creditworthiness and predict defaults. Apr 24, 2020 ... Smartphone data, like geolocation and data usage, can be used by financing companies to evaluate the risk level of an individual without a credit history. Feb 21, 2017 ... Harder to educate and explain: The more factors that are integrated into a consumer's credit score or into decisions in the credit process, or ...