- Posted by Laurie Anderson
- On May 9, 2017
- credit scores, underbanked
By Scott Brackin
As part of its continued commitment to the needs of buy-here, pay-here dealers, short-term lenders and the alternative financial services industry, FactorTrust recently announced a tool called FlexFormat; what the company contends is the first industry standard in reporting short-term loan data for products focused on underbanked consumers.
FactorTrust classifies the underbanked typically as consumers with traditional credit scores under 700.