Global Perspectives on Alternative Credit Data

In this episode, Kevin King, Vice President of U.S. Credit Markets and Neil Allen, Head of Credit Risk Strategy for UKI explore how alternative credit data is reshaping lending decisions around the world.

Moderated by Stewart Watterson of Datos Insights, the conversation brings together regional perspectives to unpack key findings from the 2025 Alternative Credit Data Impact Report. Together, they examine why lenders are increasingly supplementing traditional credit data, where alternative data is delivering the greatest performance gains and how confidence in these insights continues to grow across markets.

Whether you’re navigating evolving consumer behavior, addressing thin‑file populations or looking to strengthen risk management in a changing credit environment, this episode offers timely insights into where alternative data is headed and why it’s becoming a core component of modern credit decisioning.

DISCLAIMER: The information provided in this podcast is for informational purposes only and is not intended to and shall not be used as legal advice.  The views and opinions expressed in this podcast are solely those of the speakers and do not necessarily reflect the views or positions of LexisNexis Risk Solutions. LexisNexis Risk Solutions does not warrant that the information provided in this podcast is accurate or error-free.

LexisNexis and the Knowledge Burst logo are registered trademarks of RELX Inc. Other products and services may be trademarks or registered trademarks of their respective companies. Copyright© 2026 LexisNexis Risk Solutions.

Transcript

Welcome And Guest Introductions

SPEAKER_01 0:01

Welcome to Credit in Focus, a podcast series by LexusNexus Risk Solutions that unpacks the global complexities of credit risk across the customer lifecycle, from marketing and origination to account management, collections, and recovery. Let's get into it. Welcome back to Credit in Focus. I'm Kevin King, Vice President of U.S. Credit Markets at Lexus Nexus Risk Solutions. And joining me today for a discussion on the global perspectives on alternative credit data are my colleagues Neil Allen, head of strategy for credit risk in the United Kingdom and Ireland from Lexus Nexus Risk Solutions, and Stuart Watterson from Datos Insights, who will be moderating our discussion today. Why don't you each take a minute or two to tell the listeners a little bit about your role before we hop into the conversation? And Neil, I'll throw it to you first.

SPEAKER_00 0:52

Thanks, Kevin. It's great to be with you all today. As Kevin mentioned, I lead the market planning for credit risk decisioning in the UK and I. And I've spent my entire career in financial services and credit reporting agencies. Alternative data is gaining a lot of traction in the UK credit industry. And I'm pleased to discuss how it's influencing UK lenders today.

Defining Alternative Data Globally

SPEAKER_02 1:12

Great. My name is Stuart Waterson. And as Kevin mentioned, I am a strategic analyst at Datus Insights within the retail payments, banking and payments practice. And before that, 30 years of banking. I think that this is the right time for this conversation. There is just a um tidal wave of new data, new information, kind of flooding um uh banking right now. And uh a lot of different ways to apply it, a lot of different types of data. And we're going through a period of understanding what the data is, how to apply it, you know, kind of the best best way to integrate it into uh you know into the bank's normal processes, whether it's you know, whether it's fraud or underwriting or or or marketing. And um as I speak to uh bankers, they're excited. They they don't um because they you know they understand what it is, uh you know whether it be you know cash flow data or or you know some of the other specific types of data um you know that we didn't have before. They understand what it is at a level, but it's a question of how do you use it and and how do you you know bring it bring it online. So uh like I said, I I think that the timing is right uh for this conversation, and uh I'm really looking forward to it. So uh Kevin turn it back over to you to show this out.

What The 2025 Report Reveals

SPEAKER_01 2:38

Fantastic. And you know, thanks first and foremost for the introductions, guys. Before we get into maybe some of the findings of the report, for me, listeners of the podcast will know I always like to start a conversation by reorienting ourselves on the definition of what we mean when we say alternative data. Now, if you guys haven't had a chance to listen to our kind of in-depth discussion on how we talk about definitions for alternative data, think in in early February on your podcast feed, you can find an episode that Stuart you also joined us for on defining alternative data and kind of building that common language. I think for today's call, we'll take a higher level and maybe less nuanced view on that definition, in part because as we go from a US-centric focused discussion on this to a global one, all of a sudden those finely tuned nuances start to fall apart as we have different regulations, different data sources available on a region by region basis. So uh, because of that, maybe we'll frame it up the way the alternative uh data impact report looked at it and talk about the two types of data that will be discussed in the survey. The first is traditional credit data, which can generally be defined in whichever region you're listening in or thinking about operating in, as whatever credit data insights are the commonly available and are in use today in making underwriting decisions for really the past several decades. It is the kind of common best practices that would have existed 20, 30 years ago. The second category of data, and again, we're we're taking a much higher level cut than we did in some of our previous discussions, is gonna say alternative data overall. So we won't make, at least at this stage, nuance segmentation of cash flow versus non-cash flow. And when we're thinking about it this broadly, there are different ways to define alternative data, but I'll list three criteria that I think a lot about when discussing alternative data, in particular on a global scale. You know, the first and most obvious is it's not traditional data, right? So depending on the region, whatever those traditional signals are that you thought of moments ago when I discussed the data signals that have been in place in lending flows for years and years, this would be data that's not included in those traditional fees and really are aimed at expanding your understanding of consumer credit health. Second, is it needs to be predictive and additive on top of traditional data. You never know. There are certain types of alternative data with the long-term potential to disrupt or replace those traditional insights in a given region. But for now, I think we tend to think of alternative data as something that is supplementing versus replacing those insights. And as such, the data that you uh should be considering as alternative in your region would be things that do have the ability to build upon your existing knowledge of consumer credit health that you get from traditional data. And then third, it needs to meet regulatory requirements for the region it's being used in. Depending on the region you're operated in, you may have a great many or very few regulations on credit data, but we're going to narrow our focus to data sources that have plausible use in the next six months in the markets that you are considering or are already operating in today. So it's not traditional data, it needs to be added to traditional data, and it needs to meet whatever regulatory requirements exist for your given region. Now, with that framework, we applied a significant uh global survey audience uh to produce a report uh that was executed by Dados Insights uh called the 2025 Alternative Credit Data Impact Report that Lexus Nexus Resolutions was a uh co-collaborator on with Datos. Uh and of course, as we went around and surveyed uh over 875, so almost 900 credit risk managers globally, those definitions were really key in understanding how they were thinking about the current quality of traditional data, the faith and confidence they had in alternative data, and how they were thinking about expanding or potentially contracting their use of alternative data in their given regions. So those are our definitions, and that's the report that we really want to unpack today. With that broad understanding, Stuart, I'm going to pass it over to you to moderate our conversation on maybe some of the biggest findings that we took away from this new report.

SPEAKER_02 7:07

Yeah, thank you, Kevin. So, you know, we've been doing this study with Lexus Nexus Risk Solutions uh for a couple of years now. And um, so it it's been very interesting to see some of the trends that are uh developing. But what we uh what we are definitely seeing in in in all markets that we uh surveyed, we are seeing an expanding and increasingly expanding use of alternative credit data. Um they feel many of these lenders that we questioned, they um they're they're losing a little bit of confidence in that traditional data. They're losing confidence in they feel it may not be as predictive in this day and age as it once was. And also there's um there's been some flux around um, you know, what's what's you know, what's in the the traditional credit file, what's not, you know, think here in the US, um medical debt and buy now pay later. So just some confusion, I think, and some um um reticence uh uh about it. So as I said earlier, they um they are seeing um the like I said, kind of the applicability and and opportunity to pull in alternative data to enhance their risk assessments and drive operational efficiency, you know, and I said improve marketing efforts, really kind of across the board for for lending. So, you know, what I'd like to do, Neil Neil, is really uh start with you. What what do you think was was the most interesting piece of information that that you pulled from this year's study?

SPEAKER_00 8:40

Yeah, thanks, Juba. And yeah, it was very interesting and I guess even more so encouraging to see that for the the second year running, we see more people getting comfortable with using alternative data. I expected this would happen, but I didn't expect lenders to jump on board this as much since last year. In fact, the UK study found that 61% of respondents now feel more confident using alternative data. And that just goes to show that lenders see how useful, you know, new types of data can be for making better decisions. And with businesses, regulators, and the Treasury's national financial inclusion strategy all pushing for better credit decisions and more access. It's also great to see that 43% of the respondents plan to put even more emphasis on alternative data in how they can make their decisions going forwards. So, overall, really great to see. Kevin, I'll turn it over to you now.

SPEAKER_02 9:37

What do you what do you think stood out the most in the report?

SPEAKER_01 9:40

And you know, uh great question, Stuart. And I'm not sure I'm gonna point to a specific sentiment. I'm gonna speak or a specific statistic. I will speak to uh a sentiment that I think just underlines so many of the data points we got out of this survey. And a lot of what struck me here stood in contrast to the 15-year journey I've had in the alternative credit space. The conversation has been oriented around initial adoption of alternative credit data and niche pockets of your underwriting strategy, and it really being treated as a bleeding edge kind of concept. A concept that its moment hadn't truly come yet, maybe. And there were a lot of people sitting on the sidelines waiting for it to mature to a point where they might be comfortable adopting. The tone that you see in the 2025 Global Perspectives on Alternative Data Report is quite different. It's one about lenders who are seeing a maturing solution category as increasingly essential to how they run their business, how they achieve their lending goals, and really thinking about how they can leverage the more holistic picture of consumer credit health that alternative data provides in more areas of their portfolio and more areas of the consumer lifecycle. Now, you know, I this is something I've said for 15 years and I think will continue to say for some time. Traditional credit data is not going away. And at least in kind of the current, I'd say next three to five years at least, there's not much of a view in the majority of markets that I have insight into, certainly not in the US, that alternative credit data is on track to replace traditional credit data. That's not because of the quality, predictive strength, stability of the data that alternative data encompasses. It's really about how ingrained traditional credit data is in most financial institutions. A lot of the traditional credit scores are the common language that banks use to talk in between departments about their marketing strategies, their portfolio mix, et cetera. Um, and I'd also say that traditional credit data, beyond kind of it's just entrenchment in how uh financial institutions run, is still very valuable. For those who haven't listened, there are a number of good episodes from 2025 on this on this podcast feed as we talk about degradation of the traditional data and in particular to financial inclusion, really speak to the gaps that are opening up in traditional data. It is still, however, really, really strong, valuable information when you're underwriting consumers, at least in the US. I think we'll we'll talk about this maybe in our next segment here. You see a lot of people saying, all right, I'm using this for financial inclusion. Do I need to use it in pricing? Consumers that I already know I'm going to approve? Do I need to use it in other areas of my life cycle around account servicing or marketing? And that really feels like the trajectory of where alternative credit data is going to go.

Using Alternative Data Beyond Underwriting

SPEAKER_02 12:44

Kevin, I agree wholeheartedly. You know, when you start this conversation about alternative data and uh, you know, kind of the world of underwriting, I mean, that's really the first topic that comes up, you know, uh broadening the market, uh, increasing addressable market, doing a better job of pricing. But there's there's obviously, like you just said, uh, you know, other other applications. And really starting out as a collector in my career, one of the first things that uh came to my mind really as I think about this is collections, right? So, you know, talk about being able to go from a from a reactive approach with collections, which most of it is, you know, you can um you can predict and you can try to determine, you know, whether an individual is going to pay this month or not. There's some there's some modeling around that, but it it's still pretty reactive. Now with the uh access to alternative data, you can really you can turn that a little bit. You can actually have a more proactive approach as you're seeing changes uh within a uh a consumer's uh economic habits and and some of their behaviors as well, uh getting a much more full, complete picture and uh really can allow uh collection shops to in a sense kind of go on go on offense just a little bit more than they could have in the past. Um now now we're we're seeing lift um you know from from applying the alternative data to other areas and and like I said, let's let's stick with collections. So, you know, where where are you seeing this show up?

SPEAKER_01 14:18

Yeah, you know, I I think you framed it up really well, Stuart, that uh look, if we're talking about true collections, so activities that are taking place after an account has has fully defaulted, yeah, you're you're inherently reactive, right? The incident has already occurred and you're really trying to recoup as much as you can. And so um, you know, I'll I'll speak to the US environment at least, right? In the US, right now, as we're recording in in February 2026, there's a broad set of critical US uh critical US financial tools that are experiencing multi-year, if not multi-decade highs in delinquencies and defaults. Uh yeah, I'm thinking about uh auto loans, I'm thinking about credit cards, unsecured personal loans, and then, you know, it kind of just maybe deserves its own separate category. It does. Maybe I'm relentlessly promoting other episodes on our podcast feed, but there's one on student loans that I think is very valuable. That certainly is its own kind of self-contained challenge. But what it means is there's a massive amount of defaults that are hitting collection resources. And you have a lot of lenders, at least in the US, thinking heavily about pre-delinquency strategies, right? I I don't think anybody's having seriously sobering moments about how to get smarter at uh account opening that they didn't already feel pressure to do so for the last several years. But in that predelinquency space, we're seeing a real uptick in investment and exploration of alternative data, looking for early risk indicators that a consumer may be on a trajectory where their credit quality is degrading. Certainly, we also have customers, particularly who operate in prime segments who are not feeling the same kind of high credit stress environment that less prime consumer segments in the US are feeling, who are using this to find positive signals of consumers improving credit quality, where they might want to execute kind of cross-sell, upsell style strategies. But for the most part, we're seeing this kind of rise in demand really be driven by those pre-delinquency strategies. Are you seeing consumers that may have been on the books for several years and been consistent payers where uh alternative data can provide that leading indicator that a consumer may still be paying you right now, but is feeling stress in other areas of their financial life that is likely to trickle down and ultimately reduce, uh result in a loss to your organization if you don't take preemptive steps. Those steps could be anything from offering financial coaching uh and just establishing a line of communication with your customers so they know how to reach out if they do feel uh financial struggles and repaying you, uh, all the way to more aggressive actions in terms of reducing credit lines, things of that nature. But of course, the key to all those is getting proactive and getting those early insights. We found alternative credit data to be really, really valuable for that use case. So that may be the biggest shift that I'm seeing. Neil, what are you seeing in the UK and Ireland when it comes to shifts in the consumer lifecycle where alternative data might be used?

SPEAKER_00 17:31

Yeah, it's uh it's a very similar story in the UK as well, Kevin, um, particularly with customer monitoring, I would say. Risk managers don't just want the confidence at approval. They want to keep an eye on things and make better calls throughout the credit credit lifecycle. I think that's just a normal expected behavior that all credit managers will have. This year, 51% said that they want to keep a closer eye on the loan portfolios for any early signs of trouble. And 65% plan to be more proactive, which is great to hear again, using new data, new analytics to understand, you know, a borrower's financial health as it happens, rather than the reactive position that perhaps um some lenders have adopted in the past. So I guess what you know we observe in the UK the desire for real-time or near-time insights has been a consistent theme for a few years. And my expectation is that differentiated data coupled with uh advancements in technology in terms of the speed in which we can ingest and output this this data is going to help us get get there and help lenders be able to make those more real-time decisions that I guess historically the UK has struggled to achieve.

SPEAKER_02 18:42

Yeah, that's that that's great. Thank you. I think we're we're seeing that um really across across markets. So um the way we see it, the this kind of uh life cycle-wide application of the data that we are seeing, I think is a real testament and and a clear sign of culturity and the level of adoption of uh alternative alternative data. So as we see, you know, more northern green shoots, but actually some healthy stocks as alternative data becomes um a part of a lot of the financial institutions, you know, core operations. Um it and it's clear in the study, you know, that as to why this is happening, it's it's uh just a fact a factor of confidence. So we did see that uh 67% of all respondents reported uh a greater confidence in their decisions supporting the alternative data. So, you know, two two-thirds of those who responded. And and that and that was has grown over the last few years, as one would expect. So for each of your markets, what is driving adoption of of these new sources of data? And in what way has it uh positively impacted uh performance? And um uh, you know, Neil, uh what are you uh what are you seeing in in the UK?

Portfolio Monitoring And Early Warning

SPEAKER_00 19:59

Yeah, I think it's a a similar story, you know, across across the different regions. Empty two percent of people say using alternative data has boosted their portfolio performance. Um that's a huge win um for the UK, especially when you remember how far things have come in just a few years in regards to the adoption of alternative data in our market. So just like everywhere else, making smarter credit risk decisions is a big reason for lenders turning to alternative data, plus you know, wanting to stay ahead of the competition, quite frankly. In that context, it makes sense with credit use rising and some markets still being tough to serve, that lenders will look at all options in the striving to make more solid decisions, keep things accessible, and still turn a profit. So overall, uh really strong um results for the UK. Um, I would suggest that the 72% is the standout stat for the UK this year as well. So, yeah, really, really good to see.

SPEAKER_02 20:56

Yeah, that that is that is for financial institutions uh as a whole. So uh Kevin, what are you seeing specifically in in the US uh respondents numbers?

SPEAKER_01 21:07

You know, we saw 80% of US respondents saw an improvement in portfolio performance from using alternative data. Like at the end of the day, you know, the answer to the question of what's driving confidence, it is first and foremost going to be driven by this data delivering on its promise of expanding and improving your understanding of consumer credit risk uh risk, regardless of where you may sit in the consumer lifecycle. So that's happening, and that's huge. But there are a couple areas that uh you know, maybe are are um insights we didn't dig into in the survey itself, but I'll say I hear consistently from both our clients and lenders that are looking at expanding into the alternative credit data space. And that's experience in the stability of this data and experience. Experience in the process of getting it approved by their compliance organizations. So on the stability side, some of the biggest areas of growth at Lexus Nexus were solutions for alternative credit business is not necessarily new lenders adopting this data for the first time, but lenders trying it out and use cases like financial inclusion, seeing its performance, but also seeing its reliability, its stability, and realizing I'm now comfortable leveraging this in other credit segments of my population or in other areas of the life cycle. So is the score continuing to perform and showing the same kind of score distribution year over year like we would expect? It's a big question that often gets asked about alternative data. All right, it might be predictive, but can I rely on it or will I need to rebuild my models or underwriting strategies as the underlying data behind some of these solutions ships? As they're seeing that's not happening, and it can be relied upon much in the same way that traditional data is relied upon. And they're seeing that this is information that regulators and accordingly compliance teams are comfortable with. That's playing a really big and certainly complementary role to that 80% of respondents who are seeing the performance deliver on their expectations. And all of it leads to improved confidence. And I think really setting up what's next in this market as alternative data moves from being kind of this new cutting-edge thing to adopt to an established best practice that needs to continue to mature.

Tech, Analytics, Inclusion, And Closing

SPEAKER_02 23:32

Yeah, I I agree uh 100%. You know, I I wanted to highlight uh the fact that lenders are seeing the business benefits uh today from alternative data. And uh they're also clearly anticipating further investments uh over the next year to uh to grow those benefits. So, you know, all respondents reported developing a more sophisticated uh analytics capability so they can uh apply alternative data across the life cycle and exploring new technology platforms to better use the data. And what I read into this is that you know, some institutions have those resources where they, you know, their data analytics team can can build, build upon the data uh for several different use cases. In other cases, especially with smaller institutions that don't have those resources on board, they're they're they're partnering. There's any number, and and the list grows of um of providers of of the analytics. They will take your data, they'll take the alternative data, and uh they will they will prepare, in essence, the models or the dashboards for the bankers to use to guide their decisions. So uh like I said, whether it's whether they're building it or renting it, they are all seeing the investment necessary to increase their analytical data analytics capabilities. So to better leverage alternative data, uh, what are the what are the top two ways they're expanding the use, as you said, other use cases, helping out the life cycle. Uh, you know, and and what does this expansion mean for each of your markets? So Kevin, let's start with you.

SPEAKER_01 25:12

Perfect, Stuart. So, you know, I I would say the value of alternative data is a hundred percent limited or constrained by a lender's ability to access it, which I think is probably pretty obvious, but also their ability to leverage it effectively and really extract the signals that are offered in those data sets. Now, of course, first and foremost, the data needs to have high quality, right? It needs to have a strong coverage of the consumer population you're looking to evaluate, and it needs going all the way back to the beginning of our conversation. Um, the definition of alternative data, it needs to be additive to traditional data. It needs to be predictive of consumer behavior risk, it needs to be something that your local regulations will support. But once we check those boxes, lenders got to be able to get their hands on it, ingest it into their underwriting strategies, meaning it needs to be available in platforms. Platforms need to have the right ability to kind of orchestrate and pull these signals in alongside traditional data. And then from a data science perspective, the potential users of this data, lenders who aren't heavy users today, need the analytical tools, the data science skill sets to be able to extract the signal and ultimately allow it to impact their underwriting decisions, their account servicing decisions, their collections and marketing decisions. And for quite some time, those boxes were not so easily checked. And that's true in the US. I think it's also true globally that certainly the really large financial institutions had in-house talent on the analytics side. They had the kind of the financial strength to either build their own platforms or kind of strong iron their platform provider to build connections into the data sources they cared about. But for everybody who weren't among those privileged few institutions, alternative data kind of remained a little bit elusive. And that has changed significantly in the past several years. The platforms that the majority of at least US lenders are on all have the orchestration capabilities and increasingly are building out those connections to be able to pull in powerful alternative credit data signals. And then I think there's been a lot of discussion in our industry about, I think what's often referred to as the democratization of AI. And we're really talking about machine learning in this context, right? That while it used to be a little bit more of a rarity, that in the US, we'll say financial institutions outside of the top 25 or 30 had significant data science teams. Now many more have made that investment. And beyond that, Stuart, to your point, there are now a lot of third parties and technological tools available to lenders that can help them do these kind of model building activities, credit policy development or collection policy development activities outside of their own organization, right? So it's not necessarily a requirement that you go and spend a lot of money to bring these people in as employees in your organization. You can unlock those capabilities without having to make that investment. And it's made all the difference. Now I would say, what does that mean for this industry in the US going forward? And I'll maybe I'll wrap it up there and throw it to Neil. Is it more and more lenders are going to be adopting these products? It's no secret to listeners on this call that uh I lead these activities in the US for Lexus Nexus Resolutions. So we are a solutions provider in this space. That's really good news for our business, right? More users. That's gonna allow us as the business grows to invest and pull more data insights into our products. But look, maybe slightly less good news for me, but good news for the listeners is it invites competition, right? The more lenders who are using these data sources means the more companies are going to invest in building their own alternative credit data insights. And that spurs innovation, right? That spurs competition tends to spur a little more investment in how we evolve these products more quickly. All of that, I think, is to the betterment of the listeners on this call who are either already using or plan on adopting alternative credit data in the near future. So a little bit about how we've seen confidence grow, investment grow, and ultimately how I think it's going to shift the market. Neil, how are you seeing things over in the UK and Ireland?

SPEAKER_00 29:35

Yeah, uh, well, the the bottom line is lenders want to provide more options for consumers safely and meet the commercial goals that they have as a result, of course. And as you rightly pointed out, Kevin, you know, alternative data is additive to existing credit processes. And with more sophisticated analysis techniques, it just becomes more usable than it ever has been in the past, which is you know perfectly aligning to you know how the market is moving in the UK. Um, I've also mentioned you know the national financial inclusion strategy, and companies are uh are being pushed to take inclusion and capability more seriously. It's no longer just nice to have you know that as an objective within an organization, it's something boards will genuinely care about right now. So that is you know something that will help you know drive that adoption for the UK, in my view. So, you know, ultimately, alternative data will help lenders fill gaps for people with unmet credit needs. And as a result of that, it can potentially unblock billions of pounds of UK GDP each year as a result. So this seems like a relatively straightforward equation to me to um continue the strong adoption that we're starting to see in the UK. Ultimately, the consumers will benefit from the creation of more financial options for them to sort of take and be able to access credit that perhaps they couldn't access before, and our economy and our country is boosted as a result of that. It really is, you know, um really good news story if we can get it right. So, you know, sort of wrap up, you know, from the UK perspective, uh honestly, I've never been sure of that both lenders and consumers will see the benefits of alternative data in the future, and it genuinely feels like the market and all of the the sort of industry players within that credit market are aligning, you know, to the potential benefits of this. So yeah, it's um it's it's a really good um report from our perspective, and um, yeah, I'm looking forward to uh sharing it wider with everybody else.

SPEAKER_02 31:38

So this is a great conversation, and it was really good to hear uh you know a range of viewpoints from from different perspectives. This is something that we track uh very closely uh at Datos Insights. Uh we see um the uh adoption of these new data sources and data signals. We we see this being you don't want to get dramatic, but truly a game changer. This is going to cause a real shift in how uh lenders approach uh identifying and and managing risk. And it's something that um, you know, like I said, we'll we'll continue to track and and and get the word out on what what we're seeing. So uh with that, Kevin, I'll I'll throw it over to you to kind of kind of wrap it up.

SPEAKER_01 32:26

Perfect, Stuart. And thanks for moderating such a great session today. Big thank you to Neil for sharing such valuable insights. Uh if any listener here would like to listen uh to learn more about alternative data from Lexus Nexus Rose Solutions, and access the alternative data impact report we've been speaking about today. Risk.lexisnexis.com slash alternative dash data, and you'll find a range of the kind of latest reports and assets there. Uh stay tuned for our next episode around the top trends we're expecting to see for credit risk across the life cycle this year. Should be a good one. So for now, thanks for listening.