Levels of credit have historically been based on the FICO score. But what if there was a way to expand beyond that metric and take other factors into account? That's exactly what a new breed of fintechs are doing by leveraging alternative data to reach underserved consumers.

Poulomi Damany, vice president of data products for Credit Karma, explains how her company uses data points such as on-time bill payment and spending patterns to build a more comprehensive picture of the consumer.