Monday, September 15, 2025

JPMorgan, Others Join Pilot Program That Will Issue Credit Cards To Customers With No Credit Scores

Several major US banks have decided to begin sharing customer’s deposit account data in an effort to extend credit to individuals that have previously struggled getting them.

According to the Wall Street Journal which cited people familiar with the matter, JPMorgan, Wells Fargo, and US Bancorp, among others, have teamed up to increase chances of credit card approval among individuals that do not have credit scores but are financially responsible. As part of the government-backed initiative, the banks involved will share amongst themselves information from an applicants’ savings or checking accounts as well as their overdraft history in an effort to offer credit to a broader range of customers.

The latest effort, if successful, marks a drastic shift in the underwriting procedures of major banks, which have thus far only relied on credit scores and credit reports as the main determinant of credit approval. The pilot program is expected to launch sometime this year, with approximately 10 banks already committing to the data exchange.


Information for this briefing was found via the WSJ. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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