STAMFORD, Conn., June 24, 2022 /PRNewswire/ — Financial inclusion and its impact on wealth equality remain among the most important issues facing consumers, lenders and policy makers. To enable greater financial inclusion, VantageScore today announced the launch of Inclusion360. The revolutionary, open-access, interactive analytics platform uses comprehensive datasets to uncover previously underserved consumers by geographic market. VantageScore is an industry leader in predictive analytics and financially inclusive credit score results for traditionally underserved demographics.
Patent-pending Inclusion360 uses new analytical techniques to uniquely combine data from the three national credit bureaus (Equifax, Experian and TransUnion), VantageScore 4.0 credit scores and US survey information over 5 years of the US Census Bureau’s 2019 to generate unprecedented data insights into underserved communities across United States. Using predictive analytics, Inclusion360 identifies nearly 13 million creditworthy consumers who have excellent or close VantageScore credit scores to those who previously had no conventional credit scores. The data is intended to be used to enable lenders and policymakers to discover and identify opportunities for financial inclusion using VantageScore credit scores.
“Inclusion360 provides powerful open-source data and insights to help identify communities of credit-worthy consumers who were sometimes previously excluded from mainstream financial services and wealth-building opportunities,” said Silvio TavaresPresident and CEO of VantageScore.
“Being more inclusive is a win-win situation. Lenders can safely grow their business and positively impact the financial lives of consumers who were often left behind by outdated scoring models,” Tavares added.
Data from Inclusion360 helps consumer credit industry stakeholders gain the insights needed to reach creditworthy consumers in US geographies that conventional credit scores would likely limit. Ultimately, providing these underserved consumers with the ability to access credit can improve their financial lives and help close the credit and wealth equality gap.
All data and information provided in and by Inclusion360 are for informational purposes only. Users are responsible for compliance with all applicable laws and regulations when using such data and information, including Fair Lending Laws. Inclusion360 is used to identify potential opportunities for using VantageScore credit scoring models to expand access to credit in underserved communities. It is illegal for a lender to discriminate on a prohibited basis in any aspect of a credit transaction. Representations of VantageScore credit scores do not guarantee obtaining a VantageScore credit score or obtaining a score within a range described as lending. Inclusion360 uses data from the US Census Bureau, but neither Inclusion360 nor VantageScore are endorsed or certified by the US Census Bureau.
To use Inclusion360, visit https://vantagescore.com/lenders/inclusion360/.
About VantageScore Solutions
VantageScore Solutions develops consumer credit scoring models that combine the need for financial inclusiveness and reliable predictivity across all scoring ranges. The company’s newest models score around 96% of all adults 18 and older – including 37 million more people than conventional models – without sacrificing safety and sturdiness. As a result, lenders using VantageScore can extend credit to those who have been historically marginalized, including minority and low-to-middle income Americans. VantageScore credit scores are used by thousands of lenders, landlords, utility companies, telecommunications companies and many more to determine creditworthiness. Additionally, tens of millions of consumers rely on free access to their VantageScore credit scores to monitor their own creditworthiness.
VantageScore Solutions was launched in 2006 and is owned by the three US National Credit Reporting Societies (CRCs) – Equifax, Experian and TransUnion. Using a patent-protected tri-bureau methodology, VantageScore provides proven, innovative and more consistent credit scoring models across all three CRCs.
SOURCE VantageScore Solutions, LLC