Items Tagged with 'FICO'

ARTICLES

  • Experian offering potentially higher credit scores in exchange for access to people’s bank accounts

    Will use utility, cell phone payments to calculate FICO score
    Experian wants access to consumers’ bank accounts as part of an effort to help people boost their credit scores. Experian announced Tuesday that it is launching a new program called “Experian Boost.” Through the program, consumers grant access to their bank accounts to allow Experian to use utility and telecommunications payments in the calculation of their credit score.
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  • FHFA issues new rule effectively prohibiting Fannie and Freddie from using VantageScore

    Regulators cites conflict of interest as concern in alternative credit score proposal
    Anyone hoping that Fannie Mae and Freddie Mac may soon start using VantageScore as an alternative to their current FICO credit scoring model is about to get a cold dose of reality. The FHFA announced this week that it is issuing new rules surrounding the adoption of alternative credit scoring rules. Chief among those rules is a provision that would prohibit the GSEs from using the VantageScore credit scoring model because of conflicts of interest with the company’s backers.
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  • Jim Wehmann explains the impact UltraFICO Score will have on consumers

    FICO partnered with Experian and Finicity to provide borrowers further access to credit
    FICO, Experian and Finicity announced the launch of a new credit score, the UltraFICO Score. FICO partnered with Experian and Finicity on the new score to help lenders safely provide further access to credit or credit potentially at better terms to consumers with limited credit history or who had previous financial distress. With distribution from Experian and new aggregated data from Finicity, the UltraFICO Score improves access to credit by including consumer-permissioned data. The new score may impact approximately 15 million consumers who currently do not have a FICO Score.
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  • FICO: Student debt creates a pull on credit scores

    Practices of consumers who see an increase in credit score
    In today’s competitive housing market, there are many factors that help determine whether a person is ready to buy – rather than rent – their next home. To better understand the profile of individuals who are taking the next step in their financial journey, FICO researched how previous financial milestones impact the readiness to open a mortgage among Millennials.
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  • Will new FICO model be key to increasing homeownership?

    FICO executives share vision, capabilities of UltraFICO
    FICO announced its new credit score model earlier this week, but will it revolutionize the lending industry, or fall through the cracks? While time may be the only true way to tell the answer to that question, HousingWire spoke to FICO executives in order to determine the vision and capabilities of the new model, UltraFICO.
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  • New FICO model could boost credit scores for millions

    New model taps into consumer banking data
    Experian, FICO and Finicity announced a new credit scoring model that could expand credit access for millions of Americans. The new model, UltraFICO, would look at more than just information reported to the three credit-reporting firms. It would go deeper still and look at the consumer’s banking data, including their checking and savings accounts.
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  • Executive Conversation: Jim Wehmann on FICO's latest credit score innovations

    FICO leverages a wide range of new data sets to improve financial inclusion
    "FICO Score XD for the U.S. is part of our global financial inclusion initiative where we are working in more than 25 countries around the world, to facilitate credit access for about 1 billion people," Jim Wehman, executive vice president of FICO Scores, said. "We are learning a lot from the work we’re doing outside the U.S. and now have access to different types of data such as mobile device data, which could be very impactful."
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  • FICO, VantageScore stand against FHFA’s delay of new credit score model

    Brings confusion, disappointment to mortgage market
    The FHFA announced Monday it is postponing its search for alternative credit scoring models, but both FICO and VantageScore expressed disappointment over the agency’s decision. And this delay may have created more questions than answers as credit scoring companies are left wondering: Who will really come out on top?
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