article thumbnail

Saudi Credit Bureau Delivers Access To Loans For Millions with Score

Fico Collections

Saudi Credit Bureau Delivers Access To Loans For Millions with Score. Prior to the implementation, lenders in the region had been relying heavily on salary data to assess a consumer’s propensity to repay a loan. The adoption of the FICO® Score has allowed lenders to grow their portfolios and increase financial inclusion.

article thumbnail

CFPB Calls for Increased Specificity and Accuracy on Reasons for Credit Denials When Lenders Employ Artificial Intelligence

Troutman Sanders

When using artificial intelligence (AI) or complex credit models, can lenders rely on the checklist of reasons provided in Regulation B sample forms for adverse action notices? According to today’s guidance issued by the Consumer Financial Protection Bureau (CFPB or Bureau), the answer to that question is, in many circumstances, no.

Lender 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Fannie Mae and Freddie Mac Will Require the Use of FICO Score 10 T

Fico Collections

Score 10 T gives mortgage lenders the flexibility and predictive power to make more precise lending decisions. It is FICO’s most powerful score to-date and gives mortgage lenders unparalleled flexibility and predictive power while preserving the trusted and proven FICO Score minimum scoring criteria. FICO Admin. by James Wehmann.

article thumbnail

Icing on the Cake: How the FICO Score and alternative data work best together

Fico Collections

consumer data not present in the traditional credit bureau files) to enhance the predictiveness and inclusiveness in credit scoring. with little or no credit information in their traditional credit bureau files, who have traditionally struggled to access credit. More than 200 million U.S.

article thumbnail

FICO Facts: Do FICO Scores Consider Telco and Utility Data?

Fico Collections

For example, in the US, 92 percent of consumers have cell phones, but just 5 percent of consumers have telco data reported in their traditional credit bureau files. Figure 1: Credit bureau coverage is greater for some types of data than others. FICO has a solution to this problem.

article thumbnail

More Than 232 Million US Consumers Can Be Scored by the FICO Score Suite

Fico Collections

For most of the credit-eligible US population there is sufficient traditional credit bureau data available for calculating a FICO® Score. An independent study conducted by the CFPB reached very consistent conclusions to our own, sizing the ‘credit invisible’ population at 26 million consumers.

article thumbnail

Why Do You Get Debt Consolidation Loan Mailers

Debt Collection Answers

“ Pre-Screen Firm Offer of Credit ” might sound like jargon, but understanding its implications is crucial for anyone navigating the realm of credit and debt consolidation. What is a Pre-Screen Firm Offer of Credit? These criteria could include factors like credit score, income level, and debt-to-income ratio.