When you say to someone, ‘you’re not creditworthy,’ the main thing they hear is ‘you are not worthy.’ The ability to empathize with being labeled that way has been a really big driver of my career. Enabling people to come over that line and get back into the creditworthy category is very important in enabling people to live their best lives.

Silvio Tavares, President and CEO of VantageScore, joined Cosimo Schiavone and Hiten Patel on The Oliver Wyman Podcast to discuss the ways in which credit scoring effectively helps open a path to financial inclusion for the “credit invisible” population.

The use of VantageScore credit scores has grown 30%, far outpacing our competitors. That’s because VantageScore offers the most predictive, reliable and innovative credit scores for lenders, capital markets, and consumers. VantageScore 4.0 also scores 33 million more people than traditional models, which means banks can safely lend to more people, including fast-growing, traditionally ‘credit invisible’ demographics, such as communities of color.

2024 will be another banner year for VantageScore, as the FHFA has announced an accelerated timeline for implementation of VantageScore-backed, GSE-funded mortgage collateral. This will open the door for millions of new applicants, potentially creating up to $1 trillion in mortgage lending originations. Our momentum has never been greater than it is right now.” 

Listen to the episode here: Oliver Wyman Podcast