VantageScore and Credit Builders Alliance (CBA) today announced a new program that will help nonprofit lenders launch a VantageScore 4plus™ credit score pilot program and study its impact on increasing financial inclusion and credit access for underserved communities.
The program, with support for technical assistance from JPMorganChase, will select and lead a cohort of ten CBA nonprofit members to test the VantageScore 4plus™ credit score that uses both credit report data and alternative open banking data to generate a more predictive credit score, especially for underserved or “thin” credit file consumers.
“By testing the credit score impact with nonprofit lenders, this initiative will showcase the positive impact that VantageScore 4plus™ credit score model can have on lending outcomes for underserved borrowers,” said Jeff Richardson, SVP, Marketing at VantageScore. “VantageScore and CBA share a mission and a commitment to expanding access to credit for traditionally excluded populations, and we’re thrilled to work together on this important initiative.”