TLDR
67 million more Americans have a “thin” credit file, meaning they have 4 or less accounts relevant to credit score considerations. Those with little-to-no credit history are among the most vulnerable in US society. A subprime credit score can add an additional $33,000 of interest payments onto an average 30-year mortgage when compared to a prime score. Credit invisibility generates higher interest rates on personal loans and higher premiums on auto, home, and rental insurance. Use of alternative data could score up to 90% of previously unscorable consumers.via the TL;DR App
no story
Written by brianwallace | Founder @ NowSourcing | Contributor at Hackernoon | Advisor: Google Small Biz, SXSW | Founder of The Innovate Summit
