bankingciooutlook

Vantagescore Introduces New Inclusion 360 Platform To Pinpoint Opportunities For Financial Inclusion

Banking CIO Outlook | Tuesday, August 02, 2022

New inclusion 360 platform will enable lenders to determine existing financial inclusion possibilities.

FREMONT, CA:  "Inclusion360 provides powerful open access data and insights to help identify communities of creditworthy consumers that were sometimes previously excluded from mainstream financial services and wealth building opportunities," said Silvio Tavares. President & CEO of VantageScore.”

Financial inclusion and its influence on wealth inequality continue as one of the most challenging issues for consumers, lenders, and policymakers. VantageScore unveiled Inclusion360 to promote greater financial inclusion. The innovative, open access, and interactive analytics tool uncover previously neglected consumers by geographic market using large data sets. VantageScore is a pioneer in forecasting and developing financially inclusive credit score solutions for traditionally underrepresented demographic groups.

Inclusion360's patent-pending technology combines data from the three national credit reporting agencies (Equifax, Experian, and TransUnion), VantageScore 4.0 credit scores, and the United States Census Bureau details 2019 5-Year American Community Survey to generate unparalleled data insights into underprivileged communities across the nation. Inclusion360 uses predictive analytics to identify almost 13 million creditworthy customers with prime or near-prime VantageScore credit ratings who did not initially have standard credit scores. Using VantageScore credit scores, the data is meant to help borrowers and governments uncover and determine where financial inclusion opportunities are available.

"Being more inclusive is a win-win. Lenders can grow their businesses in a safe and sound manner and have a positive impact on the financial lives of consumers that were often previously left behind by outdated scoring models," Tavares added.

Inclusion360 data assists consumer credit-industry users in gaining the insight required to reach creditworthy customers in U.S. locations where traditional credit scores are likely to be restricted. Finally, allowing these underprivileged customers to access credit can improve their business situations and help close the credit and wealth inequality gap.

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