The city of Detroit, Michigan, at the helm of some of America’s most historic and salient industries like the automotive sector, is comprised of three counties — Macomb, Wayne, and Oakland.  

The city has an approximate population of 3.9 million people, however a recent inquiry into credit scoring models highlights an estimated 150,000 Detroit residents over the age of 18 are not scoreable via conventional models.  

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.  

Consumers are often excluded from the financial services marketplace due to factors such as thin or dormant credit files, despite being creditworthy. Financial inclusion remains at the top of consumers, lenders and policymakers’ agendas. 

INCLUSION360’s DETROIT SNAPSHOT: 

• UNTAPPED LENDABLE POPULATION: A total of about 154,600 Detroit residents at near prime or above are currently excluded from other credit scoring models but are scored by VantageScore.  
• EXPANDED FINANCIAL INCLUSION: Three of Michigan’s most populous counties comprise the city of Detroit, with Wayne County alone having a population of 1.7 million. While only 72% of Wayne County is conventionally scored, 91% is scoreable with VantageScore 4.1 — an incremental 18%.  
• ACCESS TO UNDERSERVED COMMUNITIES: Areas in Detroit that could be positively impacted by VantageScore adoption are predominantly Black, Hispanic, and Asian communities — about half of Wayne County, and about 12% of both Macomb and Oakland counties, respectively. 

Using VantageScore’s credit scoring models, 150,000 Detroit residents are provided better access to credit and financial inclusion, while lenders and financial services institutions are also provided opportunities to grow their footprint in Detroit.  

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/. 

If you’re interested on learning more about Inclusion360 insights on unscored populations throughout the United States, check out our previous post on Miami, FL.