Latest News Headlines
Commercial Credit News
|FICO and EFL Partner to Extend Access to Credit for "Unscoreable" Consumers and Entrepreneurs|
|Tuesday, 25 October 2016|
As part of its FICO Financial Inclusion Initiative, analytic software firm FICO today announced a strategic partnership with EFL Global to expand credit scoring options for lenders and consumers in markets outside the US. FICO will offer EFL's psychometric scoring alongside its own credit scoring products in global markets, with the initial focus on Turkey, Russia and Mexico.
"We estimate that more than 3 billion consumers globally could gain access to credit at affordable rates if there were an effective way to assess their ability and willingness to repay loans," said Jim Wehmann, EVP of Scores at FICO. "EFL has over a decade of experience in research and scoring consumers and small businesses with no credit history in 30 countries. Combining this with FICO's credit scoring expertise and market reach takes us another step closer to helping people to lead better lives, which also can have a positive impact on the economy."
Psychometrics is a scientific means of evaluating a consumer's stability and willingness to repay their loans based on validated consumer contributed data via a survey process. EFL's psychometric scoring technology was born out of more than a decade of empirical research, initially at Harvard, and validated by over a billion dollars of lending across the world. In the past five years, EFL's innovations have expanded the horizon of alternative data for credit decisioning.
"EFL's pioneering psychometric scoring technology has enabled lenders to disburse loans to worthy consumers and SMEs worldwide," said DJ DiDonna, cofounder and chief strategy officer at EFL. "FICO and EFL have complementary products and a shared focus on helping consumers and small businesses gain access to credit. We are thrilled that EFL and FICO can work together to help information-scarce households and entrepreneurs gain access to affordable credit."
The FICO Financial Inclusion Initiative aims to help lenders make affordable credit available to the estimated 3+ billion unbanked and underbanked adults worldwide. These "credit invisibles" benefit from credit scores that leverage multiple data sources to assess credit risk and assist responsible lending.
Forums International Ltd
Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.
Find out more here.
The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.
CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.
As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.
Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.
GTS Media Ltd
81 Cambridge Road
Registered in England No: 05483197