Alternative Data and Its Use in Credit Scoring
The Payment Cards Center of the Federal Reserve Bank of Philadelphia has released a new discussion paper titled "Alternative Data and Its Use in Credit Scoring Thin- and No-File Consumers" 
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In this discussion paper, Julia Cheney summarizes a workshop presented by Jennifer Tescher, director, and Arjan Schütte, associate director, of the Center for Financial Services Innovation. After a discussion of thin- and no-file consumers and the challenges they face accessing credit, the speakers addressed aspects of supply and demand that are influencing the development of the market for alternative data. Several additional factors acting on this market were also examined: the costs and complexity of changes to IT infrastructure, legal and regulatory hurdles, and the broader economic impacts of extending the market for consumer credit.
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