laptop with "loan approved" on screen Credit/AdobeStock

In the lending world, alternative data – Fair Credit Reporting Act-compliant information not included in a traditional credit report – has gone mainstream. What's more, it's no longer viewed as "alternative." For any financial institution looking to offer the most opportunities to its customers, maximizing use of alternative data sources – including telecommunication (telco), utility and specialty finance data – in credit assessments is essential.

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