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FICO® Score for India and the new FICO® Score X Data for India use new data and platforms to evaluate risk across credit bureaus and establish a path to credit access

SAN JOSE, Calif. — October 25, 2017

According to The World Bank, nearly 350 million adults in India have no access to mainstream lending opportunities due to insufficient data.

  • FICO® Score for India, which uses data from any of the major credit bureaus, brings proven technology in assessing Indian consumers with traditional credit data.
  • FICO® Score X Data India, in partnership with LenddoTM, uses digital data from various sources provided with the explicit consent of the consumer so lenders can responsibly extend credit to previously unscorable consumers.
  • New score innovation in India highlights momentum of the FICO Financial Inclusion Initiative; FICO is currently engaged in similar efforts in the U.S., Mexico, Russia, China, Philippines, and additional countries around the world.

Analytics software firm FICO today announced the launch of the FICO® Score in India and the roll-out of an alternative data score, FICO® Score X Data India, in partnership with LenddoTM.  According to the World Bank, nearly half of India’s adult population are unbanked or underbanked. These new scores, FICO Score and FICO Score X Data for India, will give lenders greater flexibility and precision in their risk assessment of consumers, as well as help them safely and responsibly extend credit to millions more people.

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Interview-based scoring is a way to increase financial inclusion

MOSCOW — April 25, 2017

HIGHLIGHTS:

  • Russia’s Sovcombank is using survey-based credit scoring from EFL and FICO to attract young people looking for their first credit card
  • The EFL score uses psychometrics and behavioral data to measure a person’s credit risk based on their answers to questions in an online assessment
  • FICO, the developer of the world’s leading credit score, markets the EFL score in Russia and other markets

Russia’s Sovcombank is using a new form of credit scoring to attract young people looking for their first credit card. The score, developed by Entrepreneurial Finance Lab (EFL) and marketed by Silicon Valley analytics firm FICO, uses an interactive online assessment to evaluate an individual’s credit risk. Sovcombank, a universal bank with more than 2 million customers, is using the score to “gamify” the credit application process.

More information: https://www.eflglobal.com/

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MOSCOW — March 6, 2017

Top Results:

  • National Bureau of Credit Histories (NBKI), Russia’s leading credit bureau, has received an award for Best Scoring Solution 2016 based on the FICO® Score version 3.
  • FICO built the latest model for Russia based on analysis of more than 10 million Russian borrowers and 200 million credit lines
  • More than half of the top Russian banks use FICO® Scores delivered by NBKI.

National Bureau of Credit Histories (NBKI), Russia’s leading credit bureau, has received an award for Best Scoring Solution 2016 from Russia’s Banking Review magazine. The award went to the third version of the FICO® Score offered by NBKI, which assesses credit risk based on the credit bureau’s data.

The FICO® Score at NBKI was developed by Silicon Valley analytics firm FICO, the world leader in credit scoring. The model was built based on decades of international experience, a sound understanding of Russian’s credit behavior and analysis of more than 10 million Russian borrowers and 200 million credit lines at NBKI.

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