Alternative data taps into information on property ownership, wealth, how customers pay everyday bills, and other data sources to provide a more well - rounded picture. (visualcapitalist.com)
Payments on everyday bills, such as for utilities and credit cards, are reported to credit bureaus. (gobankingrates.com)
The borrower can then use the loan proceeds for any expenses they wish, such as home improvement, medical costs, or simply to pay off existing everyday bills or property taxes. (thetruthaboutmortgage.com)