Lenders Leading Financial Inclusion | FICO

The Challenge

Nearly 53 million US consumers have little to no credit bureau data or no credit bureau data at all and 25 million of these are considered “credit invisible” with no credit bureau record. Moreover, 80 million consumers have limited or blemished history in their credit reports.

Mission-driven institutions that serve these populations often experience challenges in resources including access, capacity, and technical support to adopt new technologies.

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Why FICO?

At FICO, we believe the path to empowering people and economies is through a focus on financial literacy and investment in innovation that responsibly broadens access to credit.

With a track record of proven performance and with a history of financial inclusion empowerment, FICO brings a wealth of analytical expertise and background in helping institutions responsibly expand credit access and opportunities to more people.

Tools to support you

Access to FICO’s leading scores for financial inclusion, FICO® Score XD and UltraFICO® Score – which together address over 50% of U.S. adults. FICO Score XD uses alternative data including phone and utility provider payment history, public records, and asset insights. UltraFICO Score helps consumers improve access to credit by leveraging trended cash flow data to give lenders a broader view of credit readiness.

Interactive resources at your fingertips

Program adoption tools for understanding FICO® Scores based on alternative data.

Expertise to educate and guide you

Lending credit and inclusion strategy education and design consulting by industry experts who have helped lenders achieve greater inclusion through analytics.

Empower your customers every step of the way

Consumer-focused FICO® Score training for your team including how FICO® Scores are built and best practices for establishing and maintaining a healthy score.

“As a pioneer in leveraging alternative data to advance financial inclusion, LexisNexis® Risk Solutions is proud to align with FICO to support this program. We understand the importance of expanding access to credit for consumers and the financial institutions providing it. Alternative data is a critical driver of financial inclusion and being able to get access to a product like FICO Score XD can enable lenders to approve more applicants for financial products and provide opportunities that had previously been out of reach.”

Kevin King, Vice President of Credit Strategy

LexisNexis Risk Solutions

"The Lenders Leading Financial Inclusion Program is going to be invaluable for our Minority Deposit Institution (MDI) members. With this initiative, our members will have access to the technology and expertise to help create more financial opportunities for their communities. It aligns with our mission to create broader opportunities to support MDIs."

Nicole Elam, President and CEO

National Bankers Association

“At Community Development Bankers Association, our mission is to serve the institutions that serve the low-to-moderate income communities. When we heard about FICO’s Lenders Leading Financial Inclusion program, we were eager to get involved to get our members the tools and resources to continue serving their communities.”

Jeannine Jacokes, CEO

Community Development Bankers Association

"We’re hearing positive feedback from our dealerships in our indirect channel now that we’re able to help more younger applicants with auto lending assistance compared to some of our competitors."

Jason Warbrick, VP of Retail Lending

GECU

“Consumer permissioned data is quickly becoming ‘table stakes’ in retail lending while showing significant opportunity for credit improvement. Partnering with an industry leader like FICO can accelerate implementation, consumer adoption and performance over stand-alone solutions. ”

Dale Robinson, Credit Risk Executive

Independent Financial Services Consultant

Leading Inclusive Innovation & Consumer Wellness Empowerment

Since 2015, over 50% of FICO’s R&D investment in its Scores segment has focused on broadening financial inclusion globally.

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How to Use Alternative Data in Credit Risk Analytics

Here is useful information on how to assess alternative data and combine it with so-called traditional data to improve credit risk analytics.

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FICO Launches Lenders Leading Financial Inclusion Program

FICO partners with minority depository institutions and community development financial institutions.

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FICO® Score XD

Improve consumer credit access by identifying credit-ready borrowers who are unscorable with traditional credit bureau data alone.

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UltraFICO® Score

Your data. Your UltraFICO® Score.
You’re in control.

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Today's “No Hit” Applicant May Be Tomorrow’s Profitable Long-Term Customer

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Interested in being a participant?

Learn more on how to get started.