Block's Head of Credit and Underwriting, Juan Hernandez, revealed that despite 70% of Cash App Borrow customers having FICO scores of 580 or below, repayment rates remain above 97% thanks to advanced data-driven models that leverage customer activity across Cash App and Afterpay. Emphasizing a shift from traditional credit scoring to modern, inclusive, and real-time data-driven assessment, Block continues to expand its lending footprint, with Cash App Borrow originating $9 billion in loans in 2024 and receiving FDIC approval for Square Financial Services Inc. to offer loans directly. Read more
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