ACCORDING TO the Consumer Financial Protection Bureau, roughly 26 million Americans have no credit history and are considered “credit invisible.” A disproportionate share of these 26 million Americans are Black or Hispanic. More than 12.5 million live in areas deemed credit insecure and lack formal credit opportunities. Besides these consumers, small businesses are also facing a credit gap.
In a recent webinar, “Market Pulse: Accelerating Access to Credit,” Chris Wheat, co-president at JPMorgan Chase Institute; Kahlil Byrd, founder and CEO of Invest America; Peter Maynard, Equifax SVP of data and analytics; and Sid Singh, Equifax president of United States Information Solutions, shared insights on the potential uses of alternative data and how the financial industry can help more consumers get access to mainstream financial services and credit.
To read details from these industry thought leaders, check out the Equifax Insights blog.