Alternative Credit
ProV 24:V3 Alternative Credit
The ProV 24:V3 score is calculated using the payment history of everyday expenses such as phone bills, utilities, internet, insurance, subscriptions and bank data. We even consider your character, including community involvement, personal integrity, and trustworthiness.
How Alternative Credit Helps You
Alternative Credit is growing rapidly in the lending community. Businesses are discovering that alternative credit is a great way to connect with customers. Through alternative credit, people are now able to participate in the credit market even if your traditional credit score is lower than average.
Alternative credit is Recognized by the Federal Equal Credit Opportunity Act (ECOA) A lender must consider any consumer with nontraditional payment history.
Your Consulytica Alternative credit score is a lot like a traditional score with a few differences. Any score over 720 says that you're a responsible financial consumer.
How do we calculate your score? there's is a difference between how we calculate alternative credit data and how other consumer credit agencies analyze traditional data. While traditional credit only uses a small dataset to create your score, Consulytica considers your payment history for everyday expenses and character.
Your ProV 24:V3 score is designed to guide you toward better financial habits and a stronger financial future. The score is composed of several key factors: 35% of your score is based on your payment history, ensuring that timely payments are rewarded. 30% considers the amount of debt and how well you manage your credit utilization. Additionally, 15% reflects your banking activity, 10% accounts for your mix of accounts linked, and the remaining 10% is influenced by inquiries. By focusing on these areas, the ProV 24:V3 score helps you build healthy financial behaviors that lead to long-term success.
How This Is Possible
Regulation B of The ECOA
In an effort to ensure a comprehensive evaluation of creditworthiness, Regulation B requires creditors to consider additional information at the applicant’s request. This becomes relevant when an applicant presents information that is not typically considered but may provide a more accurate reflection of their creditworthiness.
Consulytica takes an innovative approach to ensure compliance with Regulation B, an integral part of the Equal Credit Opportunity Act (ECOA), which safeguards fair lending practices in the United States. Our platform aligns with Regulation B’s core objective of prohibiting discrimination against credit applicants based on factors like race, sex, or marital status. We empower lenders by providing a comprehensive credit evaluation process that considers additional information at the applicant’s request, ensuring a holistic view of creditworthiness.
Your Consulytica alternative credit score can help you get many types of loans. And by showing lenders how responsible you are, you have a better chance to get the best rates.