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ARTICLE · 05 DECEMBER 2019

US Interagency Statement On The Use Of Alternative Data In Credit Underwriting

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Today, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration and...

United StatesConsumer Protection
J. Paul Forrester
J. Paul Forrester
Stephanie Robinson
Stephanie Robinson
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Today, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency (collectively, the Agencies) issued an Interagency Statement on the use of alternative data in credit underwriting and the consumer protection implications of such use.

In the Interagency Statement, the Agencies recognize that the use of alternative data may improve the speed and accuracy of credit decisions and may help firms evaluate the creditworthiness of consumers who currently may not obtain credit in the mainstream credit system, enabling them to obtain additional products and/or more favorable pricing/terms based on enhanced assessments of repayment capacity. These innovations reflect the continuing evolution of automated underwriting and credit score modeling, offering the potential to lower the cost of and to increase

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