Before you’re approved for a loan, businesses need to know how financially responsible you are. But making an accurate and fair assessment of your creditworthiness goes beyond using traditional credit scores.
Hi, and welcome to the PRBC video blog!
If lenders can’t get the information they need from FICO, where do they turn? More businesses are using alternative credit scores to judge people’s ability to pay back loans.
Why alternative credit? These reports not only include credit data but also factor rent, utility, phone and internet bill payment information.
Why collect this additional information? It gives businesses the whole picture. After all, missing one small credit card payment doesn’t necessarily mean you’re financially irresponsible.
If you want to learn more about PRBC’s alternative credit score, visit our blog. See you next time!