Zoot Enterprises Inc. said it has expanded its instant credit and loan approval decision software to underbanked consumers.
The Enterprise Cross-Sell Manager, originally designed for the prime market, can now draw from nontraditional credit data such as phone bills and rent history, to screen consumers who may not have a FICO score or other traditional credit data on file, Zoot said Monday.
"Lenders are increasingly turning to nontraditional credit scoring to expand their pool of creditworthy applicants. The challenge is to accomplish these goals without increasing the risk of exposure or spending a fortune," Chris Nelson, founder and chief executive of the Bozeman, Mont., vendor, said in a press release.
