Alternative credit data refers to non-traditional financial data, such as utility payment history, employment records, and rental records.
This is data that a consumer gives a business permission to access for a specific purpose. Consumer-permissioned data is a powerful form of alternative data that puts the consumer in charge of what information is shared with insurers, lenders and other service providers that typically require a credit report during the application process.
Credit scores can be reviewed alongside trended data and alternative data to help develop a more complete picture of a consumer’s financial profile. The Urjanet dataset offers a unique view into utility payment history that is not currently considered in traditional credit reports, and can bolster a consumer’s profile in the eyes of lenders and other service providers.
Traditional credit scoring models have left millions of consumers underbanked. User-permissioned utility payment history as a source of alternative credit data can provide more context on an applicant, allowing lenders to make more informed decisions. The Center for Financial Services Innovation finds that utility bill payments are among the most reliable alternative data sources used in credit modeling and risk management.
The Urjanet Utility Data Platform allows end users to connect their utility, cable, and telecom accounts in an encrypted online process, authorizing collection of their prior statements, name, and address. The platform then delivers the authorized data and bill copies back to the authorized requestor directly from the utility, telecom, or cable provider, helping to ensure the authenticity of the information, and protecting the consumer’s account information in the process.
The Urjanet Utility Data Platform is secured by a combination of network security and authentication requirements, ensuring that only authorized personnel have access. Sensitive data is stored encrypted at rest using AES-256 encryption, and data is transferred using SSL/TLS, SSH, and SFTP.
Urjanet has successfully completed a SOC 2 Type 1 examination for our Utility Data Platform. The SOC 2 report provides assurance to our customers that we have designed effective security controls as defined by the SOC 2 standards set forth by the American Institute of Certified Public Accountants (AICPA).
Yes. As part of our solution, we provide a copy of the original data source (typically a PDF copy of the bill) for auditing purposes. Inquiries about FRCA compliance can be submitted to firstname.lastname@example.org.
Urjanet is an active participant in the EU-U.S. and Swiss-U.S. Privacy Shield Frameworks.
Have more questions about permissioned utility data for credit scoring or identity and address verification?