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Credit Scoring and The Un-Scored: Alternative Data Reporting May 27, 2010

Presented by Terry W. Clemans Executive Director National Credit Reporting Association. Credit Scoring and The Un-Scored: Alternative Data Reporting May 27, 2010. Shriver Center Webinar Credit Scoring and the Un-scored: Alternative Data Reporting

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Credit Scoring and The Un-Scored: Alternative Data Reporting May 27, 2010

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  1. Presented by Terry W. Clemans Executive Director National Credit Reporting Association Credit Scoring and The Un-Scored: Alternative Data Reporting May 27, 2010

  2. Shriver Center Webinar Credit Scoring and the Un-scored: Alternative Data Reporting Perspective of the National Credit Reporting Association, Inc.

  3. Shriver Center Webinar Credit Scoring and the Un-scored: Alternative Data Reporting Perspective of the National Credit Reporting Association, Inc.

  4. Shriver Center Webinar Credit Scoring and the Un-scored: Alternative Data Reporting Perspective of the National Credit Reporting Association, Inc.

  5. Shriver Center Webinar Credit Scoring and the Un-scored: Alternative Data Reporting Perspective of the National Credit Reporting Association, Inc.

  6. VantageScore and Alternative data? • Vantage Score reports their study found 21% of 11.9M subprime loans in 2007 • representing 2.5M consumers should not have been in subprime • – Source Experian, VantageScore Addresses Deficiencies in Traditional Scores • in the Subprime Consumer Sector, (May 16, 2007) p.2 • Reported by VantageScore at the Consumer Lending Forum March 5th 2010 • How are data elements missing from the system and FICO known to Vantage? • If the data is missing it can’t be factored in until it is reported • The most important missing elements of the consumer’s credit history must be • verified manually (phone, fax, email, internet, 3 way calls) via independent • 3rd party not vested in the transaction to be reliable • Use of “Alternative” data documented by consumers or “verified” by mortgage • lenders in early 2000’s fraud-laden Shriver Center Webinar Credit Scoring and the Un-scored: Alternative Data Reporting Perspective of the National Credit Reporting Association, Inc.

  7. Shriver Center Webinar Credit Scoring and the Un-scored: Alternative Data Reporting Perspective of the National Credit Reporting Association, Inc.

  8. Shriver Center Webinar Credit Scoring and the Un-scored: Alternative Data Reporting Perspective of the National Credit Reporting Association, Inc.

  9. Shriver Center Webinar Credit Scoring and the Un-scored: Alternative Data Reporting Perspective of the National Credit Reporting Association, Inc.

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