Christian Widhalm | Source | CEO at Bloom Credit
Christian Widhalm
Christian is the Chief Executive Officer at Bloom Credit. He has spent over a decade working within venture-backed fintech providing innovative solutions to consumers and businesses in highly regulated industries. Prior to Bloom Credit, Christian was most recently at LendKey Technologies, where he served as Chief Revenue Officer and was responsible for the company’s relationships with over 300 banks and credit unions.
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Bloom Credit
CEO
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Alternative to credit scores could open doors for borrowers
Christian Widhalm, CEO, Bloom Credit, joined TheStreet to discuss the limitations of traditional credit scoring and the potential benefits of alternative credit data.
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Yeah, for sure. Look, and I think one thing that's important to understand for especially on the consumer side, is that credit is kind of like the chicken or the egg. If you don't have credit, it's tough to get credit. So I think before getting into the alternative side, it's important to understand what's going on with traditional credit reporting. The way that it's structured today is that you have three main credit bureaus in the United States, TransUnion, Equifax and Experian, and they get all of their data on consumers from monthly reports that are sent from lenders that have repayment information on things like loans, credit cards that ultimately make their way into the major credit bureaus. Now, traditionally, these have been limited to those types of products.
