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Alternative Credit Scoring in the US: Innovators Applying Data Science to Unlock Financial Potential

In 2015, there were 26 million credit invisible consumers in the US, according to the report by Consumer Financial Protection Bureau (CFPB). Although those people are credit-invisible for the traditional sector, their everyday activity and alternative records represent a meaningful and vast source of precise hallmarks of their level of sustainability, resilience and credibility.Smart Data, hence, as opposed to Big Data, is bridging the gap for the un- and underbanked, plugging them into the formal sector based on sophisticated use of advanced technology and available records from alternative sources (social, web, etc.).

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