With a total population size of approximately 2.7 million, it is estimated that some 109,205 Miami residents above the age of 18 fail to meet the minimum criteria required to be scoreable when conventional models are employed. According to Inclusion360 Powered by VantageScore™, an interactive tool that sheds light onto geographic sectors about the potential for financial inclusion, these consumers can be scored by VantageScore 4.0 and represent an opportunity for lenders to grow their businesses while expanding access to credit to consumers that have historically been marginalized.

Financial inclusion and its impact on wealth equality remains one of the most important issues facing consumers, lenders and policymakers. Consumers are often excluded from the financial services marketplace due to factors such as thin or dormant credit files, despite being creditworthy.

INCLUSION360’s MIAMI SNAPSHOT:

• EXPANDED FINANCIAL INCLUSION: In Miami, up to 94% of the population are scoreable by VantageScore, which represents a 14% increase in the number of consumers scoreable versus conventional models.
• UNTAPPED LENDABLE POPULATION: VantageScore is able to score 109,205 newly scoreable Miami residents who would be considered Near Prime out of a total population size of 2.7 million.
• ACCESS TO UNDERSERVED COMMUNITIES: Areas in Miami that are most positively impacted by VantageScore adoption are predominantly Black, Hispanic, and Asian communities.

By scoring these consumers, VantageScore is helping them access credit and creating a corresponding growth opportunity for lenders in the Miami area.

VantageScore’s Inclusion360 is a groundbreaking, open access, and interactive analytics platform that uses comprehensive data sets to uncover previously underserved consumers by geographic market. VantageScore is an industry leader in driving financially inclusive credit outcomes for traditionally underserved groups including Black, Hispanic, and Asian consumers.

To experience the Inclusion360 tool and get specific insights by geography, please visit https://vantagescore.com/lenders/inclusion360/.