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Machine learning FICO analytics can be used by lenders to match offers to risk and ability to pay

Money20/20 Europe, Amsterdam — 6 June, 2018

Highlights:

  • FICO and Equifax have launched the FICO® Risk and Affordability Decision Suite, powered by Equifax®, which uses advanced predictive analytics to assess a consumer’s repayment risk as well as their ability to afford new credit
  • The FICO Risk and Affordability Decision Suite is designed for lenders needing to make credit decisions that avoid overstressing consumers, while treating consumers fairly
  • The suite works with the FICO® TRIAD® Customer Manager solution used to manage most UK card accounts

As the UK’s Financial Conduct Authority pursues measures to stop consumers becoming trapped by persistent debt, two industry leaders in credit risk management have joined forces to help lenders make better lending decisions. At the Money20/20 Europe conference in Amsterdam today, analytic software firm FICO and global information solutions leader Equifax have launched the FICO® Risk and Affordability Decision Suite, powered by Equifax®, which uses advanced predictive analytics to assess a consumer’s repayment risk as well as their ability to handle both existing and new credit.

More information: http://www.fico.com/en/products/fico-risk-and-affordability-decision-suite-equifax

 

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FICO® Score XD 2 Helps Score over 26.5 Million Previously Unscorable Consumer Files

SAN JOSE, Calif. — March 29, 2018

  • FICO® Score XD 2 increases coverage and is able to score over 26.5 million previously unscorable consumer files
  • 11.8 million of these consumers are without credit files and unscorable by any scoring system relying on traditional credit bureau data alone
  • While the traditional FICO® Score is able to score 91 percent of applicants, the inclusion of FICO® Score XD augments the percent of applicants eligible for a FICO-branded score to nearly 98 percent
  • Findings demonstrate that consumers with a FICO® Score XD 2 over 620 that go on to obtain credit maintain a high traditional FICO Score in the future – 75 percent scored 620 or higher in the subsequent 24 months
  • FICO was recently awarded an Analytics 50 Award for FICO® Score XD

Today, analytics software firm FICO (NYSE:FICO) announced the evolution of the FICO® Score XD with the general availability of FICO® Score XD 2.  Part of the FICO® Financial Inclusion Initiative, FICO worked with LexisNexis® Risk Solutions and Equifax® to launch the first version of FICO Score XD in April 2016.  FICO Score XD was specifically designed to provide a reliable credit score for consumers that were previously unscorable based on their traditional credit data alone. With today’s release, FICO Score XD 2 has been further optimized to leverage alternative data sources to increase credit access and give bankcard issuers a second opportunity to assess otherwise unscorable consumers.

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Program improves transparency by enabling financial institutions to provide customers with free access to the actual FICO® Score used by lenders for credit decisions and risk management

SAN JOSE, Calif. — February 5, 2018

  • The FICO® Score Open Access program now reaches more than 250 million consumer accounts, providing free access to the actual FICO® Scores used by lenders to manage accounts
  • More than 100 financial institutions participate in FICO® Score Open Access
  • Growing number providing FICO Score 9 to customers, including Wells Fargo, Navy Federal Credit Union and Commerce Bancshares, Inc.
  • Eight of the top 10 credit card issuers participate in the Open Access program
  • More than 2.5 billion FICO® Scores are available to consumers each year through the program, increasing credit score transparency and driving financial health

Analytics software firm FICO (NYSE: FICO) today announced that more than 250 million consumer credit and loan accounts have free access to the actual FICO® Scores used by lenders to manage those accounts through its FICO® Score Open Access program. More than 100 financial institutions participate in the FICO® Score Open Access program.  Also, eight of the top 10 credit card issuers participate in the Open Access program.  

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