Comments to CFPB on the Use of Alternative Data and Modeling Techniques in the Credit Process

ITIF’s Center for Data Innovation has filed comments with the U.S. Consumer Financial Protection Bureau (CFPB) regarding the use of alternative data and modeling techniques in the credit process. The use of alternative data could help make credit more accessible to the 45 million Americans unable to benefit from important financial services because they lack sufficient credit histories, as well as reduce bias in the credit process, and CFPB should encourage this practice.