Most Americans would sacrifice more personal data for a better loan

New research shows deep dissatisfaction among most Americans with the traditional credit scoring system.

In a survey conducted via the Harris Poll, a majority of Americans voiced serious concerns about a system they feel is set up to fail consumers, especially the most economically vulnerable.

Has your credit score ever gotten in the way of you achieving something important in your life, like buying a house or a new car? Yes.

Does it represent you accurately as a borrower? Not really.

Do you think that banks should adopt new ways and new technologies to assess credit? Absolutely.

One of the most surprising findings in the Harris Poll survey was that a majority of Americans across all demographic groups would be happy to give up more personal data if it resulted in a fairer credit decision. Eight out of 10 people — cutting across all demographic groups — think their financial institution should use more modern technologies to assess their creditworthiness.

Young people and minority groups feel most acutely that the way their credit is scored stacks the deck against them relative to other demographics. Six out of 10 Americans under 34 say their credit score has prevented them from buying a car or a home. Eight out of 10 Hispanics and African Americans say their credit score is an inaccurate representation of who they are.

At Zest AI, we’re committed to making fair and transparent credit available to everyone. We think the way to do that is use better math and more data to assess borrowers.