Did you know that approximately one in five consumers in the United States is considered “conventionally unscoreable” (someone who does not meet the minimum scoring criteria of conventional scoring models and thus cannot be scored)? That’s 1 in 5 who may get overlooked for a loan from a bank, or 1 in 5 who may be subjected to higher interest rates from a lender. In less than a decade, the number of conventionally unscoreable consumers has grown from 36 million to 51 million in 2018 (40 million of which can be scored by more advanced scoring methods employed by VantageScore).
The infographic below is a visual and simple breakdown of who makes up this pool of consumers and makes a case for why lenders should expand their portfolio using modernized risk assessment tools. If you’d like to share this infographic amongst your constituents, social media channels, etc., please contact us on LinkedIn.
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