Bankers, Advocates Tell Lawmakers Alternate Data Expands Credit Access
Representative Nydia Velazquez voiced skepticism during the hearing, stating that alternative data is not a cure-all for existing credit inequality.
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Representative Nydia Velazquez voiced skepticism during the hearing, stating that alternative data is not a cure-all for existing credit inequality.
A House Financial Services subcommittee hearing explored how alternative data sources like utility payments and cash flow could expand credit access, while witnesses debated the burden of fraudulent disputes and the risks of data inaccuracy for vulnerable consumers.
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