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For consumers who are heavy on savings and light on credit history, a new partnership in the world of credit scores could help them lock down a loan. FICO, the company basically synonymous with the credit score, is teaming up with Plaid to bring real-time data showing how much cash someone has on hand to lenders. Plaid, a fintech company that links bank accounts with financial apps, has a lot of visibility into how its customers move cash between bank accounts, payments apps, investment platforms, and just about everything else. Plaids technology runs under the hood across a huge network of 12,000 financial institutions that partner with the fintech startup, which has grown into a key part of the webs financial infrastructure since its founding in 2013. All of those connections make Plaid a no-brainer as a partner for Fair Isaac Corp. (FICO), creator of the gold standard credit score used by most lenders. By partnering with Plaid, FICO will be able to offer a historical picture of money flowing into and out of a consumer’s transaction accounts through Plaids network of finance data, which consumers opt in to through their accounts, the company said in a press release. By bringing together FICOs trusted credit score intelligence with Plaids cash flow data, were creating the foundation for more comprehensive lending decisions, said Julie May, FICO vice president and general manager of B2B scores. This is the beginning of a new chapter in responsible and inclusive lending. The credit score slog Credit scores notoriously require consumers to build up a credit history and demonstrate that they can make timely loan paymentsfactors that outweigh other aspects of a persons financial health, like savings and income. While the system is good business for companies that evaluate and track credit scores, it creates some weird incentives on the consumer side. Its not uncommon for credit score-conscious consumers, in order to build up a credit history, to open a credit card and regularly use it for payments even if they have more than enough cash to handle their expenses. To capture a more complete financial picture for both borrowers and lenders, FICO has been building up an alternative to the traditional credit score for years now. That score, called an UltraFICO, was introduced in 2018. The company frames the UltraFICO score as a more inclusive approach that includes checking, savings, and money market accounts to help borrowers show lenders that they can afford a loan, even without a stellar credit history. FICO describes the UltraFICO score as part of a layered strategy that can help borrowers secure a loan and lenders find new customers beyond the people who would normally qualify. Plaids data will slot naturally into that strategy, offering a broader picture of financial health. The new UltraFICO option will be available through Plaids consumer reporting agency, Plaid Check. Last month, Plaid launched its own alternative credit score, LendScore, which also aims to paint a fuller financial picture for borrowers and lenders by leveraging cash flow insights, income patterns, and financial account connections to reveal a borrowers real-time financial story. Plaids LendScore system is in beta testing now and collecting names for its wait list. High-quality cash flow data is becoming essential for lenders who want a more comprehensive view of a consumers financial picture, said Adam Yoxtheimer, Plaid’s head of partnerships. By combining Plaids real-time connectivity and intelligence with FICO in this next-generation credit score, we are helping lenders make more confident, inclusive credit decisions through a simple and scalable solution.
Category:
E-Commerce
In our consumer-driven culture, when the cost of goods is soaring, one of the most radical things you can do is not to buy anything on Black Friday. That’s the message from “Mass Blackout,” a coalition of grassroots groups that are protesting the Trump administration’s policies and urging you not to participate in this year’s extended Black Friday sales. The “blackout” will start on the Wednesday before Thanksgiving (Thursday, November 26) and end the day after Cyber Monday (Tuesday, December 2). This is not the only holiday protest, either: There’s also a second boycott underway targeting Amazon, Target, and Home Depot. It’s called “We Ain’t Buying It,” and it is happening around the same time. In fact, it’s been a big year for boycotts, and some of them have been quite effective. For example, Target just reported another lackluster quarter and declining sales that are partially due to backlash and a boycott from customers after a rollback of its diversity, equity, and inclusion (DEI) policies. And it’s not just the U.S. Many Canadians have started to forgo American products and are only buying “locally,” as the “Buy Canadian” movement has drawn record participation as a reaction to President Trump’s high tariffs on their country’s goods. Here’s what to know about the upcoming “Mass Blackout” and “We Ain’t Buying It” boycotts. What’s happening with the “Mass Blackout” protest? The Mass Blackout, a nationwide economic action organized by a coalition of grassroots organizations, is calling Americans to: Stop online or in-store shopping (except for small businesses) Stop streaming, cancel subscriptions, and make no digital purchases Stop work (if you can) If you must spend: Support small, local businesses, and pay in cash “No spending. No work. No surrender. The system isn’t broken. It’s working exactly as designedfor the wealthy,” reads the movement’s website. “Were not targeting small businesses or communitieswere targeting the corporate systems that profit from injustice, fuel authoritarianism, and crush worker power.” The boycott also includes avoiding nonessential travel, restaurants, and normal consumer behavior; staying off ad-driven platforms unless organizing; halting spending; logging off entertainment platforms; and donating to Feeding America to support those refusing to work. What’s happening with the “We Ain’t Buying It” boycott? The “We Aint Buying It campaign is made up of a coalition of progressive groups including the No Kings Alliance and Indivisible, which were behind other anti-Trump protests earlier this year. It targets three companies: Target, Home Depot, and Amazon. It is asking Americans “to withhold their purchasing power from Thanksgiving through Cyber Monday” (November 27 to December 1) to protest the three retailers who, they allege, are cooperating directly with the Trump administration in these ways: Target, for its rollback on DEI Home Depot, for working with ICE (Immigration and Customs Enforcement), which has been arresting, detaining, and deporting immigrants Amazon, for allegedly funding the Trump administration to secure corporate tax cuts When corporations align with cruelty and authoritarianism, they must understand that our purchasing power matters, LaTosha Brown, co-founder of Black Voters Matter Fund, a member of the “We Aint Buying It” coalition, said in a statement. Economic noncooperation is a powerful, nonviolent tool for a free people, and we plan to use it to make America better for all of usnot just the wealthy few. Why are these Black Friday boycotts happening now? The boycotts come as the gap between the richest and poorest Americans is widening in an increasingly bifurcated economy. They target billionaires and businesses supporting the Trump administration, which they argue is eroding civil rights; labor protections; diversity, equity, and inclusion initiatives; and weakening the United States’ democratic institutions. In that sense, they are both political and economic boycotts.
Category:
E-Commerce
Earlier this year Pepsi purchased probiotic drinker maker Poppi, and now the soda giant is introducing a new prebiotic cola drink in its quest to capture Gen Z drinkers: Pepsi Prebiotic Cola. The drink drops on November 28 and will be available at Walmart, on Amazon, and TikTok shop, as well as in select markets on Kroger.com, DashMart, and GoPuff. The “Unbelievably Pepsi” drinks will be available in two flavors: Original and Cherry Vanilla and contain 30 calories and five grams of sugar. They also have three grams of prebiotic fiber. Still, the drinks are highly marketable, given they’re a soda alternative, and appear to offer some health benefits. As many Americans have turned to weight loss drugs like Ozempic, options that fit into their new diets are more desirable. That may be especially true when it comes to drinks that contain protein, a trend which Pepsi has also jumped on given Americans are desperate to consume more protein. According to the brand, 71% tried to up their protein intake last year. In the wake of the protein craze, the brand introduced a ready-to-drink Starbucks protein coffee and a protein water by Propel.We want to redefine the protein conversation, Ram Krishnan, CEO of PepsiCos U.S. beverages business, previously said in an interview with Fast Company. Everybody in the country is talking about protein, but its actually crowded and confusing and the consumers really dont understand all of the science behind protein. Previously, Pepsi has offered healthier alternatives. Back in 2016, the brand partnered with KeVita, which makes sparkling probiotic drinks and kombucha. At the time, the brand said it was “continuing to evolve” its “health and wellness offerings to meet consumers’ changing needs.”Of course, Pepsi isn’t the first brand to launch a “healthier” soda option. There’s been a surge of prebiotic and probiotic sodas appearing on shelves in recent years. In addition to Poppi, Culture Pop and Olipop are also well-known brands that claim to have gut-boosting benefits. But while prebiotic and probiotic sodas are typically lower in sugar content and have fewer calories than regular sodas, some critics have questioned how beneficial the sodas are, given they don’t have the same variety of good bacterias that fermented foods do. Here, youre only getting the type of prebiotic thats added in, while youd likely benefit more from the variety of prebiotics in fiber-rich foods, says Amy Keating, RD, a Consumer Reports (CR) nutritionist, per the outlet. “At Pepsi, we are experts in great tasting cola and have been for decades. The launch of Pepsi Prebiotic Cola marks a significant moment in our brand’s history and the cola category,” Gustavo Reyna, VP of Marketing at Pepsi said in the release. “This breakthrough innovation upholds the iconic taste of Pepsi that people love, now with no artificial sweeteners, lower sugar and functional ingredients. It’s an inimitable taste designed to meet the demands of cola lovers, cola newcomers, and everyone in between.” Pepsi’s new cola will drop on Black Friday and be around “until supplies last”. According to the release, you can check out the drink during Amazon Prime Video’s Black Friday Football game. It said, “the spot will bring bold flavor and feel-good refreshment to homes nationwide with the ability to shop it live, right from your TV screen.”
Category:
E-Commerce
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