There are reports of increasing support for an alternate system for credit scoring other than the current scoring system based on traditional credit cards and loans.

The new system would track bill payments of other types to illustrate a borrower’s ability to handle their finances.

Often the traditional method of credit scoring keeps consumers with thin credit histories from getting new credit or causes them to pay higher interest rates. Using bill payment data could mean the inclusion of otherwise unqualified borrowers to be considered credity-worthy for loans and mortgages.

Read Alternative Credit Scoring Gaining Support fpr more information.