All posts by FICO

Risk & Compliance myFICO Quiz: Do Consumers Understand the FICO Score?

Taking Quiz FICO Scores
Apr162019

April is National Financial Literacy Month. Understanding credit is an important part of financial literacy, but how well do consumers understand the FICO® Score – what factors make up the Score and how they’re used by lenders? myFICO recently conducted a FICO Score-related quiz with myFICO members as well as a random group of people to see how well individuals know about credit, credit scoring, and lending practices. Does regular consumer access to FICO Scores influence financial knowledge? While participants from both groups answered many questions correctly, the myFICO responders had a higher average score (80%) for correct answers compared to an average score of 60% with the random group. But about 40% of both groups missed the question on what information in a credit report typically has the greatest impact on a FICO®Score To learn more about the results of the survey, check out Tom Quinn’s blog at https://blog.myfico.com/quiz-results-understanding-of-fico-scores.

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Risk & Compliance Secure, Standardized Data Sharing Empowers Consumers & Promotes Innovation

Consumer data
Apr092019

Data is being used to improve all aspects of a consumer’s life in our increasingly digital world. eCommerce companies use data for a number of purposes, such as to personalize the experience of users across mobile apps and the web, suggest purchases and make it easier to find high-intent products. Retail stores use location data to drive consumers to local stores and restaurants and is even used in the store to better design its layout and available inventory. With the emergence of consumer-permissioned data in the financial services ecosystem we are beginning to see similar impact. Consumers’ ability to access and control their financial data is providing them with greater utility and benefit than ever before. Along with this comes expectations of better experiences, on-demand access and deeper insights. The good news is that consumer-permissioned data is providing the industry a platform for further innovation. Even now, at the tap of... [Read More]

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