The Nilson Report

Issue 1172 | Mar 2020

FEATURED COMPANIES

Companies featured in this issue include:

Latin America Purchase Transactions and Market Shares in 2019

Latin America Market Shares of Purchase Volume by Brand 2019

Market Shares of Purchase Transactions in Latin America 2000–2019

Latin America General Purpose Cards 2019

Second 50 Largest Mastercard & Visa Credit Card Issuers in the U.S.—Ranked by Outstandings 2019

Second 50 Largest Mastercard & Visa Credit Card Issuers in the U.S.—Ranked by Outstandings 2019

On pages 10 and 11 are the 51st – 100th largest Mastercard & Visa credit card issuers in the United States ranked by outstanding receivables at year-end 2019.

51. Comdata, Tennessee
$413.4 million outstandings, +27.3%
52. Zions Bancorporation, Utah
$413.0 million outstandings, -1.6%
53. Security Service FCU, Texas
$402.0 million outstandings, -0.6%
54. First Tech FCU, Oregon, California
$378.4 million outstandings, +1.5%
55. Virginia CU, Virginia
$350.0 million outstandings, +0.9%

Full access to the Second 50 Largest Mastercard & Visa Credit Card Issuers in the U.S.—Ranked by Outstandings in 2019 is available when you subscribe to The Nilson Report.

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POSTED MAR 31, 2020 | PRINT

Bloom Credit Data/Compliance Support

Providing lenders an API for accessing and analyzing credit bureau data is the business of Bloom Credit, a company that supplements what is available from TransUnion, Experian, and Equifax with a playbook its clients can use to navigate FCRA, CRA, and other compliance issues. 

Bloom Credit customers are mainly fintechs looking for lending opportunities among unbanked and underbanked consumers not served by traditional banks. Digital banking companies including Chime, Stash, and Varo have put an estimated 15 million debit cards in the hands of these consumers, whose ranks are growing and account for 25% of all U.S. households according to the Federal Deposit Insurance Corporation. The number of consumers served by fintechs with these business models could triple in five years based on current growth patterns.

Bloom Credit also analyzes credit scores for clients. It can create a profile for the average person with a 680 credit score as well as those with a 650 credit score and spot prospects in the lower group who have creditworthy habits that are identical to those in the higher group. The company says 60% of people declined for loans can be offered credit once they are shown a path to improving their credit scores.

Fintech lenders are looking for opportunities among millennials, a group comprised of people with a history of on-time payments for student debt and rent. This spending dominates their cash flow, making them unlikely to qualify for credit from traditional card issuers. Those millennials with prime credit scores include people who distrust big banks. 

Bloom Credit wants to make the case that fintechs, not traditional banks, are positioned to provide financial literacy to these consumers. Among other things, consumers can be shown how to put in place plans to improve their credit scores to qualify for auto loans and even mortgages. For this group of consumers, the use of credit becomes an outcome-based path to a desired object.

Bloom Credit’s cloud-based service is available on a software-as-a-service basis.

Matt Harris is CEO at Bloom Credit in New York, matt@bloomcredit.io, www.bloomcredit.io.



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