By Kate Marshall Dole, Analyst, Innovation & Research
Today, CFSI releases new research that suggests to banks and credit unions a number of ways in which they can support credit building for low and moderate consumers in the U.S. High-quality credit instruments are a critical financial building block for American families, but many people can’t access high-quality forms of credit because of a damaged or limited credit history. Banks and credit unions are uniquely positioned to help consumers build their credit scores – and yet most financial institutions aren’t doing as much as they could be to facilitate increased access to high-quality credit for these consumers.
CFSI’s new research paper highlights initiatives that can be undertaken in the short-term, medium-term and longer-term.
This research, which has been sponsored by Citi Community Development, will be featured later today at CFSI’s 7th annual Underbanked Financial Services Forum in a session entitled “Empowering Consumers, Empowering Lenders: Shifts in Consumer Credit Decisioning.” CFSI Board Member and Global Director of Citi Microfinance and Community Development Bob Annibale will discuss the research and how it applies to the work Citi is doing to help build consumer credit.