Millennials once again face an economic crisis and downturn in the jobs market just as they are now entering their peak earning years.
Congress passes Student Loan relief as part of the CARES Act, including payment deferrals, interest abatement, payment credits toward loan forgiveness, no negative credit reporting and a halt to collections.
Alternative Credit Scoring models can open the door to a credit file for many consumers who previously were unable to establish credit, but these models have their drawbacks.
Alternative data can now be used to help consumers build their credit file and create a credit score from things like rent and utility payments.
FICO XD introduces new ways and different types of data for thin file clients to build a credit file quickly.