FICO® Scoring Solutions for Financial Inclusion

FICO® Scoring Solutions for Financial Inclusion

Facilitating credit access for the more than 3 billion consumers globally that are unbanked or underbanked.

Solution Details

The FICO Financial Inclusion Initiative is focused on the development of new scoring products, partnerships, services, and platforms to empower lenders’ decision making and financial inclusion efforts around the world. Leveraging emerging technology, innovative analytics and new data sources, FICO® Scoring Solutions address the unique needs of each country to expand the scorable consumer universe, ultimately providing fuel for economic development worldwide.

  • 2 billion people globally are unbanked and have no banking relationship.
  • 1+ billion more have access to a bank, but have no credit history.

With FICO® Scores currently in market and under development leveraging new alternative data sources, over 1 billion consumers who are currently credit invisible could have a path to access credit.

Financial inclusion is in our DNA.

Drawing on reliable new sources of data, FICO scores more creditworthy people who are unable to obtain credit using traditional credit bureau data alone. Whether establishing the first credit score for a nation or safely growing micro credit, FICO partners with credit reporting agencies and data providers around the world to extend credit access responsibly.

FICO’s approach ensures the integrity of scoring standards as well as the expansion of credit scoring more broadly than ever before. FICO can rapidly develop innovative Scoring Solutions by combining traditional credit bureau and new alternative data sources to help solve the global financial inclusion challenge.

FICO pioneered development of scoring analytics that enabled lending to be fair and dependent only on criteria relevant to risk. FICO® Scores are used today in more than 25 countries on five continents.

Scalable to Make an Impact — Uniquely able to offer dual score strategies, with FICO® Scores based on traditional credit bureau data combined with new alternative data scores, we are empowering financial inclusion at scale.

Alternative Innovation — An evolving platform takes full advantage of the emergence of new alternative data sources and analytic techniques for acquiring data and applying machine learning.

Unique Global Reach — Multiple alternative data partnerships with footprints in over 30 countries and counting increase FICO’s global reach to empower lenders looking to serve the underserved and accelerate economic growth.

Related Products

FICO® Score XD

Giving bankcard issuers the ability to identify credit worthy, previously unscorable, borrowers.

  • Expanded Scoreable Universe
  • Easy integration
  • An onramp to mainstream credit

FICO® Score X Data

Expanding financial inclusion by scoring millions more consumers worldwide.

  • Enables portfolio growth into consumer populations.
  • Apply leading edge psychometrics and behavioral data.
  • New alternative data sources.

Resources

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FICO® Score Open Access for Credit and Financial Counseling Program

FICO® Score Open Access for Credit and Financial Counseling is a valuable program that enables credit and financial counseling providers in the US to share FICO® Scores for the purpose of providing financial counseling and/or financial educational services with their customers for free and with no additional score fees or program fees from FICO. Fast and easy to use, the program was designed specifically for credit and financial counselors to increase consumer understanding of FICO® Scores and their importance in everyday financial decisions.
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FICO Financial Inclusion Initiative

The Challenge: 1.7 billion people globally are under-banked or have no banking relationship at all. Approximately 1 billion more have access to a bank, but have no credit history. Lenders want to expand their market to include...