Risk & Compliance LIFECARD Uses FICO Score to Grant More Credit

Enhancing Credit Assessment for Existing Customers
Dec112018

Enhancing Credit Assessment for Existing Customers LIFECARD, a credit card company with more than 5.7 million accounts, is the first lender in Japan to adopt the FICO® Score to enhance its credit assessment for existing customers. Calculating an appropriate and timely offer for a credit limit increase is made more accurate by reassessing customers with the FICO® Score, which analyzes their  credit bureau data from all their credit accounts. LIFECARD is also using the FICO® Score to realize risk and cost reduction by better evaluating credit risk eligibility. Shinichiro Okuyama, executive officer at LIFECARD, said, “Growth in the Japanese banking market continues to be hard-won. A contracting population, ultra-low interest rates, shrinking margins and constrained demand mean that lenders need to find opportunities for innovation. To grow our share-of-wallet we needed a way to differentiate our approach to lending, and offering proactive credit limit increases and personal loan offers to our... [Read More]

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Risk & Compliance FICO Kicks Off Consumer Financial Education Program, “Score A Better Future”

Score A Better Future
Dec052018

Last week, FICO kicked off its Score A Better Future program with a community event focused on credit education at Harris-Stowe State University in St. Louis, MO. It was the first of our new series of free educational events across the country that bring together consumer advocates, credit educators and community leaders to help Americans learn about credit scores and financial tools to help them achieve their dreams. We partnered with a number of organizations focused on financial education and empowerment initiatives to bring the initial event together, including Justine PETERSEN, a St. Louis-based organization that assists low-income individuals and families to develop, maintain and increase financial assets, as well as National Consumers League, the St. Louis American, City of St. Louis Treasurer’s Office of Financial Empowerment, and the St. Louis Regional Unbanked Task Force. Check out a recap of the key highlights from the event: Consumers gain valuable credit... [Read More]

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