Average U.S. FICO Score Ticks Up to 706

Average U.S. FICO Score Ticks Up to 706

The national average FICO Score has steadily risen over the past decade

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Analytics in Banking: Start with the End in Mind

Analytics in Banking: Start with the End in Mind

Banks spend too much time trying to predict things, rather than mapping out how their people, processes, and technology will need to change if they are successful.

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The New White Walkers: Zombie Synthetic Identity Fraud

The New White Walkers: Zombie Synthetic Identity Fraud

Synthetic identity frauds that strategically hid themselves in the bad debt book may be coming back from the dead as zombie synthetic identity fraud.

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11 Credit Trends That Raise Questions for Debt Collectors

11 Credit Trends That Raise Questions for Debt Collectors

However efficient and advanced a debt collection operation is, it’s being stress-tested by a multitude of factors in ways not seen since the last global recession.

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Supply Chain Optimization: BASF Solves a Major Challenge

Supply Chain Optimization: BASF Solves a Major Challenge

BASF’s advanced business analytics team used FICO Xpress Optimization to map all of its supply chains at once to weigh the economic value of an investment.

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new ideas
  • Fraud and Financial Crime Management Are Converging – But How Fast? Fraud and Financial Crime Management Are Converging – But How Fast?
    Fraud and Financial Crime Management Are Converging – But How Fast?
    September 12, 2019
    Fraud Protection & Compliance

    A new independent survey by research firm Ovum has found that banks in multiple regions plan to integrate their fraud and financial crime compliance systems and activities in response to new criminal threats and punishing fines — but not all at the same speed. “Banks are asking a fundamental question: Is the current approach to tackling financial crime sustain…

    FICO by FICO
  • How are Credit Reports and Credit Scores Created? (Video) How are Credit Reports and Credit Scores Created? (Video)
    How are Credit Reports and Credit Scores Created? (Video)
    September 11, 2019
    Scoring Solutions

    If you have ever applied for credit, the lender reviewing your application most likely pulled your credit report and credit score. What makes up a credit report and why could credit scores be different across lenders? The FICO Score is the credit score used in 90% of lending decisions because it is trusted by lenders to be independent, predictive and reli…

    Joanne Gaskin by Joanne Gaskin
  • Bank of England Validates Need for Explainable AI Bank of England Validates Need for Explainable AI
    Bank of England Validates Need for Explainable AI
    September 09, 2019
    Decision Management

    Last month, the Bank of England joined the ranks of those that have expressed interest in machine learning, along with reservations about its potential pitfalls. In Staff Working Paper No. 816: Machine learning explainability in finance: an application to default risk analysis, the authors make the following observations: ML and AI suffer from a black box proble…

    Scott Zoldi by Scott Zoldi
  • FICO Introduces FICO Safe Driving Score 2.0 FICO Introduces FICO Safe Driving Score 2.0
    FICO Introduces FICO Safe Driving Score 2.0
    September 04, 2019
    Scoring Solutions

    Earlier this year, my colleague, Can Arkali, shared the results of an analytic validation of the FICO® Safe Driving Score.  Since then, we’ve been working to enhance the prediction of future collisions and this week we are announcing the launch of FICO Safe Driving Scores, version 2.0.  The FICO® Safe Driving Score utilizes driving based telematics data c…

    Rachel Bell by Rachel Bell
  • Artificial Intelligence Explained: What Is Ethical AI? Artificial Intelligence Explained: What Is Ethical AI?
    Artificial Intelligence Explained: What Is Ethical AI?
    September 03, 2019
    Decision Management

    There is a lot of controversy in business circles as to whether companies are using artificial intelligence (AI) technology for unethical purposes, or unknowingly doing so. This post isn’t about that - it's about what ethical AI means for model development. One of the most common misperceptions I hear about bias is, “If I don’t use age, gender or race, or similar f…

    Scott Zoldi by Scott Zoldi
  • Build or Buy: Partnering in the Age of Model-Driven Organizations Build or Buy: Partnering in the Age of Model-Driven Organizations
    Build or Buy: Partnering in the Age of Model-Driven Organizations
    September 03, 2019
    Decision Management

    Digital transformation has made businesses smarter and more capable than ever before. It’s also made nearly every industry much more intensely competitive, as the tools for digitalization are more equally available to all players. Beyond their own unique proprietary resources, all competitors have access to essentially the same third party data. Where companies can st…

    Chisoo Lyons by Chisoo Lyons
  • Analytic Heroes Come Forward! Analytic Heroes Come Forward!
    Analytic Heroes Come Forward!
    August 29, 2019
    Decision Management

    FICO’s customers continue to set new standards with their innovative solutions to very challenging business problems. That’s why the FICO® Decisions Awards were created — to find the best of the best, the companies that are truly competing with analytics. Our 2019 FICO® Decisions Awards are now open. Nominations are due October 15, 2019, and winners will be announc…

    FICO by FICO
  • Making The Digital Leap in Banking Making The Digital Leap in Banking
    Making The Digital Leap in Banking
    August 28, 2019
    Customer Development

    Digital transformation has hit the financial services industry. All firms, from large national banks to small regional credit unions, are beginning to disrupt the status quo within their own organizations. We see it in Goldman Sachs’ wildly successful consumer banking division, Marcus. We see it in PSECU’s innovative application of digital communication capabilities a…

    Tom Johnson by Tom Johnson
  • How To Improve Collection Performance How To Improve Collection Performance
    How To Improve Collection Performance
    August 28, 2019
    Debt Collection & Recovery

    Every organization that collects delinquent debt is faced with many of the same challenges: collect as much as you can, do it at the lowest possible cost, and do so in a way that is the least intrusive as possible.  It is rare for any debt collection organization to want to significantly expand their staffing.  Often, the goal is to do more with the same, or…

    Ted London by Ted London
  • Growing Percentage of Cybersecurity Incidents Caused By Third Parties Growing Percentage of Cybersecurity Incidents Caused By Third Parties
    Growing Percentage of Cybersecurity Incidents Caused By Third Parties
    August 28, 2019
    Fraud Protection & Compliance

    A growing percentage of cybersecurity incidents against businesses are the result of initial compromises against third parties, allowing malicious actors to gain access through a trusted relationship, move laterally and escalate privileges, and ultimately attain their target. This risk is highlighted in a new report by the U.S. Chamber of Commerce and underscores t…

    Doug Clare by Doug Clare
  • CCB Taps Youth Market by Leveraging Big Data CCB Taps Youth Market by Leveraging Big Data
    CCB Taps Youth Market by Leveraging Big Data
    August 20, 2019
    Scoring Solutions

    China Construction Bank (CCB) hopes to reach more millennial consumers and is using alternative scoring services to improve decision making and improve financial inclusion efforts to reach this demographic. China's large unbanked market, numbering close to 500 million, represents a significant opportunity for banks, especially among youth, who have a growing d…

    FICO by FICO
  • Is First-Party Fraud a Credit Risk Problem? Is First-Party Fraud a Credit Risk Problem?
    Is First-Party Fraud a Credit Risk Problem?
    August 16, 2019
    Fraud Protection & Compliance

    First-party fraud refers to an applicant or customer’s intention to commit fraud, whether through use of a true, manipulated or synthetic identity. It’s difficult to define the problem and many banking professionals debate the merits of who “owns” the first-party fraud problem — the credit risk group or the fraud group. However, even as the two groups have distinct…

    Liz Lasher by Liz Lasher
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Did you get a deal? FICO shares findings on consumer perceptions within the vehicle financing experience. Learn mo… https://t.co/YITSAiZa1e

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Congratulations @ScottZoldi! #regtech https://t.co/QVl11kxzOw

21 hours ago

RT @SandraILeon: AI-Power Analytics. Join us Finovate. Be the first to see the future of Fraud and Financial Crime Prevention. #FICOlightsu…

21 hours ago