Introducing FICO® Score Planner - a new feature built by FICO scientists that enables an individual to set a target FICO® Score 8 goal and desired time duration to reach their goal.[Read More]
In order to maintain a positive consumer experience, specialized fraud analytics must be used to assess the “tough” questions.[Read More]
A new survey suggests that many firms don’t know how they compare against to their competitors, which could lead to an under-investment in cybersecurity protection. [Read More]
Functioning in the U.S. economy using cash only can be a challenge. Simple daily transactions, such as making an online purchase, going out to eat, or even paying a bridge toll is a lot easier if you have a credit or debit card. Most people know that having a higher credit score is a positive thing as it can help increase access to credit at more attractive rates. Additionally, most people also understand that not paying your bills on time, carrying a high amount of credit debt, and opening up a lot of credit in a short period of time are behaviors that will likely have a negative impact on their credit scores. What’s less intuitive is knowing what potential actions they could take to reach a target credit score goal by a target date. For example, if someone currently has a 695 FICO® Score 8 based on Experian data... [Read More]
In order to maintain a positive consumer experience, specialized fraud analytics must be used to assess the “tough” questions.
A new survey suggests that many firms don’t know how they compare against to their competitors, which could lead to an under-investment in cybersecurity protection.
China Guangfa Bank Credit Card Center (CGB Credit Card Center) is using FICO® Customer Communication Services (CCS) to help reduce its cost of collections and improve customer service across its credit card portfolio of 50 million customers. The business unit has managed to improve the average daily rate of repayment by 2 percent and has collected several hundred million yuan in repayments using the FICO solution. The use of this solution has also resulted in a significant lift in customer satisfaction levels for CGB Credit Card Center. Since the project was launched, the number of complaints the bank receives has dropped to one-tenth of when they were running manual collections. The success of the project has earned CGB Credit Card Center an award from The Asian Banker for ‘Best Self-Service Banking Project in China’. “CGB Credit Card Center has been at the forefront of automated collections for banking in China for many years,” said Mr. Lin... [Read More]
This is a guest post from Rourke O’Brien, Assistant Professor of Public Affairs at the University of Wisconsin-Madison. Does regular consumer access to their FICO® Score influence financial knowledge and behavior? Professors Abigail Sussman, Tatiana Homonoff and I recently completed a multi-year research study with 400,000 Sallie Mae customers. Using a randomized control trial research design, we studied whether student loan borrowers who check their credit scores regularly make better financial decisions and manage finances more responsibly. The answer? An emphatic YES. Kelly Christiano, SVP at Sallie Mae and I had the opportunity to present the findings at this year’s FICO World. Sallie Mae was the first national private education lender to offer free access to quarterly FICO Scores through the FICO®Score Open Access program. Our research found that after one year, student loan borrowers who logged on to view their FICO Score had fewer past due accounts and took steps to establish... [Read More]
In a new survey on cybersecurity conducted by research and consultancy firm Ovum for FICO, three out of four senior IT executives at UK firms said they are better prepared for data breaches than their competitors.
42 percent of consumers in Australia and 40 percent of consumers in New Zealand indicated they would like to apply for their next automotive loan online These were the surprising results of our first global survey on consumers’ automotive finance experience. The study found that there was a growing inclination for vehicle shoppers in the antipodes to apply for auto loans online. Australia and New Zealand had the second and third highest figures among the nine countries surveyed. Only the UK had more respondents who indicated a preference for online at 48 percent. These results indicate a significant shift in channel preference for loans with the majority of consumers in Australia (45 percent) and New Zealand (62 percent) having applied for their most recent auto loans at dealerships. “Unlike the US, where seven in ten respondents would rather apply for their next loan at a dealership or through a visit to the bank or... [Read More]
A robust enterprise fraud solution combines a range of behavioral analytics models and profiles, which can understand evolving patterns in real time.
Leader in CECL, FICO says it can ‘deliver a competitive business advantage’ FICO has been recognized as a “Category Leader” by Chartis Research in its report on CECL (Current Expected Credit Loss) technology solutions. The May 2018 report from Chartis compares the CECL solutions of 17 technology vendors, based on both ‘market potential’ and ‘completeness of offering’. Read our release on the report. Leader in CECL: Chartis FinTech Quadrant™ Chartis explains in the report, CECL Technology Solutions 2018, that because most financial institutions in the US outsource almost all of their systems, they won’t be ready to comply until vendors are ready with solutions that match their technology and process requirements. Chartis also observes that vendors with a SaaS and data focus are best placed to deliver the “ideal” CECL offering: a flexible solution with support for core business operations. “Our position in the Chartis FinTech Quadrant for CECL technology solutions... [Read More]
A new survey conducted by FICO and 72 Point, who polled 2,000 U.S. adults, found 81 percent don’t see the need for what they consider unnecessary security procedures.