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Petal uses machine learning to underwrite credit without credit score

Petal

After two years of stealth technology development and $3.6 million in venture capital backing, New York City-based Petal has announced a credit card that uses machine learning to underwrite customers instead of traditional credit scores.

Consumer Financial Protection Bureau fines Experian $3m for credit score marketing

Credit score

Weeks after releasing a report criticising the credit reporting industry for various problems, the US Consumer Financial Protection Bureau (CFPB) has taken action against Experian over allegations that the company made false claims about the uses of credit scores it sold to consumers.

Faster loans for consumers with little credit history? Experian and Finicity think so

Credit score

New underwriting technology developed by Experian and financial data aggregator Finicity could speed up borrowing and enable millennials and other consumers with thin or no credit files to receive money. The product emerges amid a federal call for more work on helping those potential borrowers build credit scores.

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