To assist financial institutions, associations, analysts and media interested in tracking, benchmarking or understanding the needs of underbanked consumers, FactorTrust, is providing a Underbanked Index. The quarterly report delivers a range of data points including demographic and loan behavior to shed light on underbanked consumers.
The latest edition of The FactorTrust Underbanked Index: Underbanked’s Ability to Repay is now available in an infographic format below. This edition provides insight into consumers’ ability to repay loans, their income, housing costs and other important data points.
There are 113 million U.S. consumers with FICO credit scores under 700 today should be recognized as Underbanked – consumers determined to improve credit scores in order to advance their situation and access more credit options.
This is a massively underserved population that, when taking alternative credit data into account, deserve credit options. We’ve seen people improve their credit scores – at every scoring level — by having alternative credit data factored in during the underwriting process. Using alternative credit data, lenders can grow their business by strategically evaluating and marketing to the Underbanked. More data is better for both the consumer and the lender.
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For more information please email your request to media@FactorTrust.com.