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FICO® Affordability Calculator

Overview

FICO® Affordability Calculator

FICO® Affordability Calculator enables consumers and advisors to work together to establish affordable arrangements for repayment of debt in a consistent and compliant framework. The easy-to-use,web-based solution guides consumers through the budgeting process for establishing sustainable payments or allows them to work simultaneously with an agent. 

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Core Benefits

Empower Consumers

Ensure Consistency & Compliance Evidence

Drive Operational Efficiency

Empower Consumers

Create a renewed sense of consumer control around their finances with a convenient, 24x7 accessible solution. Consumers can work independently on sensitive financial topics without the intervention of an agent. Increased consumer engagement in the affordability process.

Ensure Consistency & Compliance Evidence

Forms are dynamically created to suit the customer’s status (borrowing type, priority, liability) based on the consumer’s previous responses. Consumer details are checked against pre-set trusted trigger figures, if their details cannot be independently verified. 

Drive Operational Efficiency

Reduce skilled agent handling time of basic administrative data capture/form filling, to focus on complex situations. Minimize IT spend and deploy the solution quickly using FICO’s fully hosted and configurable cloud-based service.

Solution Architecture

FICO® Affordability Calculator is a solution that delivers:

For Customers

  • Creates a sense of control over finances
  • Convenient, accessible 24X7, data is saved for repeated updates
  • Less embarrassing than reviewing personal finances with another person

For Agents

  • Reduces the amount of time taken on administrative tasks
  • Increases the opportunity to collect by increasing time negotiating and helping customers
  • Avoids repetition and frustration of duplicating previous efforts for customer to resolve

For Creditors

  • Provides a consistent, compliant and auditable solution
  • Reduces skilled negotiator time on administrative tasks, increasing time to negotiate
  • Increases kept rates through customer engagement, amounts and plan types

Key Features

  • Web-based form enables consumers to self-serve or work with an agent
  • Simple interface guides consumers through the budgeting process for establishing sustainable payments in a compliant framework
  • A consistent, compliant and auditable solution
  • Forms are dynamically created to suit the customer’s status, the nature of the borrowing by type, priority and liability, powered by FICO® Blaze Advisor® 
  • Compare input values against expected norms or previously supplied data
  • Can integrate directly with FICO® Customer Communication Services, enabling businesses to trigger updates or reminders to consumers throughout the customer journey

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