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.
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.
Community Development Financial Institutions (CDFIs) and Minority Deposit Institutions (MDIs) participating in the Lenders Leading Inclusion Program will be able to access FICO's technology, expertise, and information to expand their financial inclusion initiatives. Benefits include:
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.
Program adoption tools for understanding FICO® Scores based on alternative data.
Lending credit and inclusion strategy education and design consulting by industry experts who have helped lenders achieve greater inclusion through analytics.
Consumer-focused FICO® Score training for your team including how FICO® Scores are built and best practices for establishing and maintaining a healthy score.
Desde 2015, más del 50 % de la inversión en investigación y desarrollo de FICO en su segmento de puntuaciones se ha centrado en ampliar la inclusión financiera a nivel mundial.
Here is useful information on how to assess alternative data and combine it with so-called traditional data to improve credit risk analytics.
FICO partners with minority depository institutions and community development financial institutions.
Mejore el acceso al crédito del consumidor identificando a los prestatarios listos para el crédito que no se pueden calificar solo con los datos de los burós de crédito tradicionales.
