Joanne Gaskin

How current is the data in my FICO Score? While the FICO^® Score has been trusted by consumers, lenders and investors for decades, the data that goes into a FICO^® Score can be as recent as a payment reported by your lender today.   When a FICO^® Score is pulled, say, when a consumer applies for a loan or credit card, the most up-to-date information a…

Does FICO’s minimum scoring criteria limit consumers’ access to credit?  Simply put, the answer is no. Over the last 30 years, FICO has continued to analyze the minimum amount of credit bureau data that is necessary to deliver a reliable, predictive FICO^® Score to the market - which benefits both consumers and lenders alike. As a reminder, we have…

Do FICO Scores Consider Telco and Utility Data? The unequivocal answer is yes! FICO^® Scores have always considered telco and utility payment data that is furnished to the three nationwide U.S. credit bureaus: Equifax, Experian and TransUnion.  The inclusion of telco and utility payment information dates back to the release of the very first FICO Scores in…

Last week, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae will begin considering borrowers’ rental payment history in its risk assessment process. This is a significant step forward in the use of alternative data in underwriting, and the FHFA and Fannie Mae are to be commended. Allowing consumers to demonstrate their regular rent payments will pro…

A core pillar of promoting and sustaining widespread access to credit is ensuring high levels of financial literacy. Unfortunately, the U.S. lags behind many other countries in financial literacy, meaning millions of Americans lack the resources they need to chart a healthier financial future. But thanks to nonprofit organizations like Operation HOPE — which collabora…

When we launched FICO’s “Score A Better Future” program in October 2018, our main goal was to continue to expand consumer credit access through financial education. Our mantra, “Your FICO^® Score today doesn’t have to be your FICO Score in the future” still holds true today. These free events are designed to demystify credit and give consumers the tools – including non…

At FICO, we are continuously innovating scoring products and services that create greater financial inclusion across communities and empower lenders’ decision making. We are a longtime leader in incorporating alternative data, which is typically not housed at the credit bureaus, to help expand credit access for consumers who are otherwise ineligible for a traditional…

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. For a quick refresher on what the FICO Score is and isn’t (for example, the FICO…

You may have heard that alternative data holds great potential for expanding access to credit to more consumers to help them achieve their financial goals. Indeed, more data can enable credit score providers like FICO to provide a more complete snapshot of consumers’ credit behavior and potential risk. While FICO has been the leader in developing innovative ways to in…

I had the chance to attend the Structured Finance Industry Group’s annual conference in Las Vegas, where SFIG’s members, including securities investors in a range of industries — from mortgage to auto to commercial lending — gather to discuss the latest and greatest in securitization. During the conference, FICO also took the opportunity to survey these investors abou…

What is a financial goal that you would like to achieve? Attendees at FICO’s recent Score A Better Future events in St. Louis and Atlanta told us their goals range from starting a business, to owning a home to saving for retirement, to paying down debt. In fact, for many, these goals were key motivators for attending the events. In speaking further with the atte…

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 consumers learn about credit scores and…