Your digital profile to affect credit score
Lenders are using non-financial data to make credit decisions
Lenders are using the fintech model to expand their business using alternative data and arrive at a credit decision
It is not just your older loans or credit card repayment history that is being used to decide whether you should or should not get a loan. Increasingly, alternative data-based credit scores are also being used to arrive at a lending decision, not just by fintech companies but also by banks and non-banking financial companies (NBFCs).