JPMorgan Chase, Wells Fargo, and several other banks plan to offer credit cards to people with no credit score, report says
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sbaker@businessinsider.com (Sinéad Baker)
Major banks plan to take part in a scheme to help people with no credit scores get credit cards.
The Wall Street Journal reported the banks will look at data from customers' other accounts.
It's part of a government-backed plan to help people access credit
Several major banks, including JPMorgan Chase and Wells Fargo, plan to join a scheme to offer credit cards to people with no credit score, The Wall Street Journal reported.
The Journal reported that the scheme is part of a government-backed plan to expand access to credit. It is meant to benefit people who struggle to borrow but who can still be deemed financially responsible.
The pilot scheme is expected to launch later this year, the Journal reported.
It would work by giving the banks access to more customer data to make lending decisions, sources told the Journal.
Lenders could see customers' checking or savings accounts at other banks to get a sense of how financially responsible they are, according to the Journal.
© Getty/Chris Hondros The JPMorgan Chase logo. Getty/Chris Hondros
Major banks plan to take part in a scheme to help people with no credit scores get credit cards.
The Wall Street Journal reported the banks will look at data from customers' other accounts.
It's part of a government-backed plan to help people access credit
Several major banks, including JPMorgan Chase and Wells Fargo, plan to join a scheme to offer credit cards to people with no credit score, The Wall Street Journal reported.
The Journal reported that the scheme is part of a government-backed plan to expand access to credit. It is meant to benefit people who struggle to borrow but who can still be deemed financially responsible.
The pilot scheme is expected to launch later this year, the Journal reported.
It would work by giving the banks access to more customer data to make lending decisions, sources told the Journal.
Lenders could see customers' checking or savings accounts at other banks to get a sense of how financially responsible they are, according to the Journal.
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