Alternative data scoring considerations are becoming more prevalent in today's credit market; the Consumer Financial Protection Bureau (CFPB) has announced a public comment period seeking feedback on the potential use of alternative credit sources such as mobile phone bills and rent payments in credit approvals; the CFPB is seeking to identify how it might be able to serve consumers with minimal credit history; it says that approximately 26 million Americans have no credit histories and an additional 19 million consumers lack enough credit information to produce a credit score. Source
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News Roundup
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The Federal Reserve has released a report titled "Small Business Credit Survey Report on Startup Firms" with findings based on the 2016 Small Business Credit Survey which surveyed companies less than five years old with more than one and fewer than 500 employees; findings show that these companies face greater funding challenges than mature companies; report compares financing statistics of startups and mature companies; also reports on sources of funds noting that medium to high credit risk startups were more likely to apply for loans from online lenders and only 11% of low credit risk startups sought online loan financing. Source