8 Success Tips for Debt Collection in the Pandemic

8 Success Tips for Debt Collection in the Pandemic

From identifying vulnerable customers to storing the right data, here are best practices for debt collection in the current pandemic

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Six Steps to Using Biometrics to Open & Manage Accounts Digitally

Six Steps to Using Biometrics to Open & Manage Accounts Digitally

Sarah Rutherford explores which steps need to be in place in order manage identity using biometrics

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Average U.S. FICO Score at 711, But Uncertainty Abounds

Average U.S. FICO Score at 711, But Uncertainty Abounds

It generally takes some time for the effects of a major macroeconomic event to start to show up in consumers’ credit reports.

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  • Loan Pricing Optimization: Secrets of Success Loan Pricing Optimization: Secrets of Success
    Loan Pricing Optimization: Secrets of Success
    November 25, 2020
    Customer Development

    Can you use loan pricing to achieve your portfolio goals in these difficult times? Can you do it precisely enough to guarantee a significant boost in profitability? In this series of videos, hear directly from a lender who has succeeded. Petr Kapoun, Chief Risk Officer at Home Credit Russia, has used FICO optimization to achieve remarkable results: 26% increase in…

    FICO by FICO
  • Why Do Fraudsters Use Synthetic Identities? Why Do Fraudsters Use Synthetic Identities?
    Why Do Fraudsters Use Synthetic Identities?
    November 24, 2020
    Fraud Protection & Compliance

    Traditionally, credit application fraud has been perpetrated in two ways: First-party fraud – where the criminal uses their own identity to commit fraud, even if they obscure some details in order to prevent detection. This type of fraud is self-limiting and while fraudsters have stolen significant sums, an organization is unlikely to fall victim to the same fra…

    Sarah Rutherford by Sarah Rutherford
  • PULSE Network Reduces Debit Card Fraud by 40% with FICO PULSE Network Reduces Debit Card Fraud by 40% with FICO
    PULSE Network Reduces Debit Card Fraud by 40% with FICO
    November 24, 2020
    Fraud Protection & Compliance

    As many of us who have long been in the industry know, fraud remains a top challenge for debit cards. In 2019 issuers faced $4.2 billion in gross (attempted) debit card fraud and ultimately incurred losses of over $1 billion on debit and ATM transactions; the need for an effective solution to this problem has never been greater. That’s why FICO and PULSE - a Discov…

    Doug Clare by Doug Clare
  • 5 Ways to Combat Fraud During the Holidays 5 Ways to Combat Fraud During the Holidays
    5 Ways to Combat Fraud During the Holidays
    November 24, 2020
    Fraud Protection & Compliance

    As we head into the holiday season, you’ve probably had enough stress in 2020. But wait––yet another wrench has been thrown in this challenging year! Fraud has spiked during the pandemic, with criminals upping their game as consumers swing into holiday shopping mode. Read on for five powerful fraud-fighting tips to help you break out of the 2020 doldrums and end the y…

    Liz Lasher by Liz Lasher
  • The Opportunity for Credit Unions and Regional Banks to Win over Big Bank Customers The Opportunity for Credit Unions and Regional Banks to Win over Big Bank Customers
    The Opportunity for Credit Unions and Regional Banks to Win over Big Bank Customers
    November 23, 2020
    Customer Development

    According to research from Equifax, the 2008 recession had an unexpected and interesting effect on credit unions. While market volume was down across the board in auto loan and bank card originations: Credit unions increased their market share by about 15% in auto loan origination. Credit unions increased their market share by nearly 6% in bankcard dollar orig…

    Tim Young by Tim Young
  • Debt Collection in the Pandemic: Why UK Customers are Dissatisfied Debt Collection in the Pandemic: Why UK Customers are Dissatisfied
    Debt Collection in the Pandemic: Why UK Customers are Dissatisfied
    November 23, 2020
    Debt Collection & Recovery

    Knowing Your Customer, or KYC, is just as critical in debt collection as it is in other parts of the business. However, a recent survey by FICO and Censuswide shows just how far lenders are in the UK from doing effective customer communication based on KYC. KYC is a general legal obligation on the part of financial institutions to formally identify their customers.…

    Huw Vaughan by Huw Vaughan
  • Credit Line Optimization Will Help Akbank Drive Portfolio Growth Credit Line Optimization Will Help Akbank Drive Portfolio Growth
    Credit Line Optimization Will Help Akbank Drive Portfolio Growth
    November 20, 2020
    Customer Development

    FICO is providing credit line optimization to manage the growing consumer credit card portfolio for one of the biggest Turkish retail banks, Akbank. FICO will configure and develop sophisticated “action-effect” models for Akbank’s retail lending team using FICO® Decision Optimizer to manage their initial credit line assignment and the on-going limits for Akbank’s c…

    FICO by FICO
  • UK Credit Market Report: Good News and Warning Signs UK Credit Market Report: Good News and Warning Signs
    UK Credit Market Report: Good News and Warning Signs
    November 19, 2020
    Customer Development

    Our latest UK Credit Market Report shows the continuing impact of COVID-19 on household finances even while furlough and payment holidays remained in place during the month. The big challenge for credit providers right now is understanding the true level of financial difficulty consumers are facing because of the support being provided by furlough and payment holid…

    Stacey West by Stacey West
  • Bounce Back Loan Fraud - What Should the UK Do? Bounce Back Loan Fraud - What Should the UK Do?
    Bounce Back Loan Fraud - What Should the UK Do?
    November 19, 2020
    Fraud Protection & Compliance

    The latest positive scheme to be hijacked by criminals is the UK government's bounce back loan scheme for businesses. Bounce back loan fraud is being forecast at £15-26 billion. And unfortunately, as long as a simple fraud check was performed, the government has 100% liability for these loans, which means the UK taxpayer does. When the bounce back loan program…

    Matt Cox by Matt Cox
  • Successes from Automating Communications in Collections Successes from Automating Communications in Collections
    Successes from Automating Communications in Collections
    November 16, 2020
    Debt Collection & Recovery

    You may be asking yourself, “What is the value of automating collection communications?  Will this truly move the needle?” The answer is definitely “Yes.” More than 25 years ago, I was the lead on a project to implement a new collections system for a client.  As part of that implementation we also implemented a fully automated self-service mechanism to ta…

    Ted London by Ted London
  • Meet Our 2021 FICO Decisions Awards Judges Meet Our 2021 FICO Decisions Awards Judges
    Meet Our 2021 FICO Decisions Awards Judges
    November 12, 2020
    Decision Management

    FICO has announced its panel of independent judges for the 2021 FICO® Decisions Awards which honor clients achieving outstanding results using analytics and decision management technology to grow their business, manage risk and reduce costs. The bench of eight global industry experts bring a variety of views and knowledge to the table along with deep industry exper…

    Nikhil Behl by Nikhil Behl
  • New Data Underscores Strong Performance of the FICO Resilience Index New Data Underscores Strong Performance of the FICO Resilience Index
    New Data Underscores Strong Performance of the FICO Resilience Index
    November 11, 2020
    Scoring Solutions

    When we released the FICO® Resilience Index in late 2019, we were often asked, “How do you know it will work in the next recession, if it was developed based on the Great Recession?” As the economic uncertainty due to the COVID-19 pandemic mounted, this question gained urgency. But with limited delinquency data being reported, we explored other means to help our cl…

    Sharon Tilley by Sharon Tilley
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AI-Powered Optimization Will Power Home Credit Group Growth

@FICO partners with @Linktera, a consultancy and digital solutions provider specializing in risk management, to adv… https://t.co/BxPeLyYrCR

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@FICO and #Pulse and leading provider of debit/ATM networks in the US – partnered to implement a state-of-the-art f… https://t.co/Eqcr4kBNmL

4 days ago

Synthetic identity fraud is hitting hard and financial institutions are unsure how to deal with it. @FICO's… https://t.co/0OHR5m5Lus

4 days ago