This comprehensive report reveals the myriad problems faced by consumers with thin credit histories, emphasizing the need to pursue alternative models of credit scoring. Such models would take into account an individuals timely, reliable payment hisotry for such things as rent, utilities, insurance and telecommunications service. Alternative scoring would also benefit the market, as an estimated 50 million U.S. consumers have either thin or no credit.

Appleseed released a first-of-its kind guide to assist banks and other financial institutions in better serving the growing remittance market. Immigrants living in the U.S. sent $45 billion to Mexico and Latin America in 2006, according to recent estimates. In addition to providing a detailed market overview, “Banking in a Global Market” offers a comprehensive hands-on approach to setting up transparent and efficient remittance services, drawing on the experiences of large and small financial institutions throughout the U.S.

Documenting the results of a pilot program in which remittance fees and exchange rates were posted in banks and MSBs, this report reveals strong consumer demand for such disclosures. Increased transparency would therefore help the industry capture a larger share of the multibillion-dollar remittance market, while helping immigrants build financial assets for themselves in the U.S. and for their families abroad.

A survey of Mexican immigrants in Chicago identified strong demand for financial offerings that would help them to enter the financial mainstream, including personal credit, insurance, and remittance services. Despite this demand, Appleseed identified several structural obstacles which impede financial access for this community. This report offers several recommendations to address these shortfalls.