New FICO Credit Scores Provide Lenders Opportunity to Expand Access to Credit in India for Nearly 350 Million

New FICO Credit Scores Provide Lenders Opportunity to Expand Access to Credit in India for Nearly 350 Million

Fact Sheet
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Scoring Solutions

SAN JOSE, Calif. — October 25, 2017

According to The World Bank, nearly 350 million adults in India have no access to mainstream lending opportunities due to insufficient data.

  • FICO® Score for India, which uses data from any of the major credit bureaus, brings proven technology in assessing Indian consumers with traditional credit data.
  • FICO® Score X Data India, in partnership with LenddoTM, uses digital data from various sources provided with the explicit consent of the consumer so lenders can responsibly extend credit to previously unscorable consumers.
  • New score innovation in India highlights momentum of the FICO Financial Inclusion Initiative; FICO is currently engaged in similar efforts in the U.S., Mexico, Russia, China, Philippines, and additional countries around the world.

Analytics software firm FICO today announced the launch of the FICO® Score in India and the roll-out of an alternative data score, FICO® Score X Data India, in partnership with LenddoTM.  According to the World Bank, nearly half of India’s adult population are unbanked or underbanked. These new scores, FICO Score and FICO Score X Data for India, will give lenders greater flexibility and precision in their risk assessment of consumers, as well as help them safely and responsibly extend credit to millions more people.

FICO® Score for India is based on traditional credit data available from any of the major credit bureaus in India. FICO® Score X Data India, in partnership with LenddoTM, evaluates alternative data such as that from a consumer’s digital footprint (web or mobile device) to produce a score for consumers who don’t have enough traditional data on file with one of the Indian credit bureaus to produce a FICO® Score for India.

In the U.S., FICO has been successful using alternative data including telco, property and public record data to create FICO® Score XD.  FICO® Score XD provides an onramp to credit access for over 50 million Americans who were identified as ‘unscorable’.

“FICO is committed to bringing safe and sound credit scoring methods to India.  Also, promoting global financial inclusion and creating a tangible path to mainstream finance,” said Sally Taylor-Shoff, Scores vice president, FICO.  “The two new scores we’ve launched in India will provide trusted options for lenders to tap into data from any credit bureau, as well as alternative data sources, to safely and responsibly evaluate millions more consumers who were previously unscorable.”

Richard Eldridge, co-founder and chief executive at Lenddo, said, “We believe that helping qualified low- and middle-income consumers gain access to credit will improve their lives and quite possibly transform Indian society. Defeating the need of a credit history to obtain a loan is essential to bring unserved but qualified consumers into the formal economy and giving them access to mainstream financial institutions. Our partnership with FICO is an excellent match with our expertise and we are keen to work with them to augment the drive for financial inclusion in the world’s fastest growing economy.”

“The introduction of these scores is timely given the government’s recent efforts,” said Dattu Kompella, managing director in Asia for FICO. “India’s Ministry of Finance recognizes that lack of financial inclusion forces the unbanked into informal banking sectors where interest rates are higher and the amount of available funds much smaller. The Modi government last year launched a nationwide financial inclusion program that has now led to the opening of about 300 million new bank accounts. FICO’s new score will allow Indian banks to expand their lending, which is good both socially and economically.”

The FICO Financial Inclusion Initiative is a combination of products, platforms, services and partnerships that leverage emerging technology, innovative analytics and new alternative data sources to address the unique needs and regulatory environment in each country to expand financial inclusion globally.  In addition to India, FICO is currently engaged in similar efforts in Mexico, Russia, China, and the Philippines.

About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 180 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time. Learn more at

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