Consumers can be credit invisible for a number of reasons today. From age, to immigration status, to unfortunate life events, many people are unable improve their credit score. To solve this, the use of alternative data such as rent payments, utility bills, and bank transactions are used. This can help score for unscorable consumers.
One of the most useful pieces of alternative data is the work number database. Employment and income verification can help establish U.S, consumers’ ability to pay when they are unable to calculate a traditional credit score. In the U.S alone, the Work Number service fulfilled 18 million verifications in support of government assistant programs. Without this alternative data, credit unscorable people would be unable to qualify for these very important services.
Using employment history and income verification is a great way to help people with limited credit availability access resources that require a certain level of credit. Showing a debt-to-income ratio shows that a consumer is able to pay in similar ways that a credit score works. Using this alternative data opens up a wide range of resources for people who otherwise would be considered credit unscorable. Learn more about the Work Number Database in the infographic below: