Banks pilot data-sharing program to issue credit cards

JPMorgan Chase, Wells Fargo, U.S. Bancorp and other U.S. banks are expected to launch a pilot program sharing data on customers’ deposit accounts to improve their chances of obtaining a credit card, The Wall Street Journal reports. Ten banks have agreed to exchange data through the government-backed initiative, under which banks would consider account balances and overdraft histories. It is aimed at financially responsible individuals who lack credit scores.