Fed Governor Points Lenders Toward Second-Chance Borrowers

Federal Reserve Gov.

Michael Barr is urging lenders to look beyond conventional credit histories when evaluating consumers and entrepreneurs with criminal records, pointing to cash-flow underwriting, alternative financial data and artificial intelligence (AI) as tools that could identify borrowers whose current finances are stronger than their credit files suggest.

Speaking Tuesday (Sep. 1) at the […] The post Fed Governor Points Lenders Toward Second-Chance Borrowers appeared first on PYMNTS.com.