People lacking financial history may now have a new way to prove their credit worthiness.
FICO, LexisNexis and Equifax are partnering in a pilot program in which 12 large credit card issuers use alternative data — stuff such as property records and utility information — to rate people who are good candidates for card but wouldn’t normally be identified.
The program hopes to find 15 million or so who don’t have enough existing credit information to generate a credit score.
More Top Picks Can Dyslexia Be Outgrown Or Does It Last Forever
Equifax is supplying telecommunications and utility information while LexisNexis provides information on property holdings and other public records.
The program should be completed “in the coming months,” according to a news release. FICO said it plans to make the alternative credit data available to more lenders later this year.
Twitter @ellenjeanhirst