The credit reporting firm has been building out its identity and fraud protection business for existing customers, which include many of the world’s largest banks and telecommunications companies.
The Democratic nominee has not gone as far as some progressives in support of financial inclusion, but ideas such as postal banking, a government-run credit reporting system and universal bank accounts would likely gain traction under a Biden administration.
Harvest, a fintech founded by Nami Baral, has developed an alternative scoring method that amasses data on spending patterns, debt payments and even earnings potential to get a better sense of consumers' creditworthiness.
Banking and credit reporting groups say such an agency could politicize the reporting process. Consumer groups say it would offer consumers a necessary alternative.
The Democrats’ presumptive presidential nominee called for a public credit reporting agency and for the Postal Service to offer financial services, among other proposals issued through a unity task force with Bernie Sanders. But analysts suggest the recommendations are more about electoral politics than pushing for real reforms.
The rescue bill enabled banks to protect loans in forbearance from an immediate hit to a borrower’s credit report, but experts say affected consumers may have trouble getting loans after the pandemic ends.
When a bank subscriber to Sure Profile pulls a credit report on an applicant for a loan or account, Experian will check to see if the identity data matches a real person.