There are literally millions of people who fly under the radar of lending companies and banks, unable to secure loans because of conventional credit scoring practices. Some credit scoring companies, however, have come up with new methods of scoring credit that may make it possible for these folks to qualify for loans. This is big news that may prove to have small lending companies chomping at the bit to offer their services to this largely under-serviced sector of the population. One lending company, FactorTrust in Roswell, Georgia, stated that they have credit information on well over 10 million non-prime borrowers that the big credit bureaus don’t possess. This company even provides its own auto finance risk scores to potential customers. Another lender in Connecticut, VantageScore, uses the available information from the big three credit bureaus, and now provides a revitalized scoring method that allows them to provide credit score on roughly 35 million people who used to be “not scoreable” by conventional credit bureau tactics.…
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