FICO

AUGUST 29, 2022

FICO® Score Stays Steady at 716, as Missed Payments and Consumer Debt Rises. Each year, we provide insight into the national average FICO ® Score to help ensure consumers have a baseline measure of credit health standing. consumer reporting agencies (CRAs). Average U.S. by Ethan Dornhelm. expand_less Back To Top.

Consumer 98

Consumer Credit Cards Payments Governance 98

FICO

AUGUST 1, 2018

Using a nationally representative sample of FICO scorable consumers as of October 2017, we compared homeownership rates (using presence of an open mortgage loan as a proxy) across Millennial consumers age 25 to 34. Key Findings: Consumers with closed student loans are more likely to begin their homeownership journey.

Research 60

Research Credit Risk Consumer Risk 60

FICO

JANUARY 11, 2017

New FICO research shows that not this not the case. Looking at credit bureau data as of July 2016, medical collections reporting – both paid and unpaid collections greater than $99 – breaks down by age as follows: While the peak of this curve occurs at age 27, the rate of consumers with medical collections is uniformly high for ages 24 to 46.

Consumer 67

Consumer CFPB Research Non-Bank 67

The Fintech Times

APRIL 15, 2024

These algorithms analyse extensive data sets to accurately evaluate creditworthiness, making financial services more accessible and responsive to consumer needs. “For consumers, payment and lending experiences become frictionless due to AI, with the technology able to process loan applications and payments more efficiently. .

Embedded Finance 134

Embedded Finance AI Finance Assessments 134

PYMNTS

JULY 8, 2020

The two executives said acquirers need to have better fraud management solutions than ever before, because the pandemic has prompted consumers to use credit cards for more online and app-based transactions. “We AI Also Helps Manage Credit Risk. Fighting Fraud in a Post-Pandemic World.

Visa 109

Visa AI Credit Risk Risk 109

FICO

JANUARY 31, 2019

FICO's research team explored this topic in a new paper, “Developing Transparent Credit Risk Scorecards More Effectively: An Explainable Artificial Intelligence Approach”. This lack of transparency is particularly acute for consumer lending, where regulations require lenders to provide adverse action notices.

Research 40

Research AI Federal Reserve Credit Risk 40

PYMNTS

DECEMBER 14, 2020

consumers think about artificial intelligence (AI) as it relates to their financial lives? This was a year that bent and broke quite a few risk forecasting models, thus all the more reason to bring AI smarts to bear on transaction volumes scaling far beyond a human pace. Per the Index , “PYMNTS’ research shows that 63.6

AI 87

AI Risk Assessment Online and Mobile Banking Credit Risk 87

FICO

OCTOBER 11, 2021

Does FICO’s minimum scoring criteria limit consumers’ access to credit? . Over the last 30 years, FICO has continued to analyze the minimum amount of credit bureau data that is necessary to deliver a reliable, predictive FICO® Score to the market - which benefits both consumers and lenders alike.

Consumer 59

Consumer Financial Inclusion Credit Risk Credit Cards 59

PYMNTS

FEBRUARY 27, 2018

Equifax , the credit scoring company still reeling from a massive data breach last year, announced news on Monday (Feb. In a press release , the company said the dataset provides information for researchers and modelers, including “credit risk scores, geography, debt balances and delinquency status at the loan level.”

Consumer 40

Consumer Finance Data Breach Credit Risk 40

PYMNTS

SEPTEMBER 15, 2016

In an interview conducted by Karen Webster with Rob Meloche, Senior Director of Global Financial Inclusion at Visa, the conversation focused on the payment company’s research, conducted in partnership with Filene Research Institute , that revealed the spending power that exists within the minority community in the U.S.

Financial Inclusion 76

Financial Inclusion Credit Union Underserved Non-Bank 76

PYMNTS

OCTOBER 27, 2016

ID Analytics, a consumer risk management company, announced Wednesday (Oct. 26) new research that revealed over six out of 10 millennials declined for credit are not seen applying again for at least 12 months. A frequently referenced Bankrate.com study reported that 63 percent of millennials do not have a credit card.

Credit Cards 74

Credit Cards Credit Risk Risk Management Research 74

PYMNTS

DECEMBER 2, 2020

Many American consumers are feeling the financial squeeze as the holiday shopping season goes on and will be turning to flexible spending plans to help put them at ease. More merchants are embracing buy now, pay later (BNPL) options to allow consumers to pay in four installments interest-free. In fact, only 20.7 In fact, only 20.7

BNPL 77

BNPL Credit Cards Payments Research 77

FICO

APRIL 6, 2018

How are advances in artificial intelligence and machine learning changing credit risk assessment? On Tuesday, April 17, 1:30-2:30, my colleague Ethan Dornhelm and I will show that machine learning offers tremendous efficiencies for research “in the lab”. Join me at this session on Thursday, April 19, 10:15-11:15.

Credit Risk 89

Credit Risk Risk Assessment AI Risk 89

FICO

OCTOBER 10, 2022

FICO Fact: Can having no credit score be better for consumers than a low credit score? A low FICO score for a consumer can have the perverse effect of preventing them from having access to a second chance through manual underwriting. Axios recently spoke on the demand to issue out more credit scores.

Consumer 52

Consumer Underwriting Credit Risk Assessments 52

FICO

MAY 7, 2018

Some of the top thought leaders in banking, finance, artificial intelligence, machine learning, and credit risk came together in San Francisco to discuss the key trends and innovations in our industry. In addition, we explored the power of tapping into alternative data in credit scoring in markets across the globe.

Financial Inclusion 77

Financial Inclusion Innovation Credit Risk Underserved 77

FICO

FEBRUARY 25, 2019

After a 2018 that had its highs and lows, what might 2019 have in store from a credit risk management standpoint? Here are three key developments in credit scoring that we will be keeping an eye on in the new year: Consumer-Contributed Data Takes Center Stage. Risk in Bankcard Originations on the Rise.

Credit Risk 63

Credit Risk Underwriting Origination Fed 63

CB Insights

DECEMBER 10, 2020

Below, we take a look at how tech companies are unbundling Bank of America’s front office, from consumer deposits and payments to equity research and business credit cards. . Consumer payments. This has provided an opportunity for other research providers to gain market share among banking clients. . Company Name.

Credit Cards 101

Credit Cards Advisors Venmo Small Business 101

FICO

JUNE 2, 2023

consumer data not present in the traditional credit bureau files) to enhance the predictiveness and inclusiveness in credit scoring. This is especially critical for the approximately 50 million consumers in the U.S. More than 200 million U.S.

Credit Risk 52

Credit Risk Financial Inclusion Risk Assessment Assessments 52

The Fintech Times

APRIL 3, 2024

As time passes, consumers are seeing the number of embedded finance offerings increase across the wide range of products and services they use. According to recent the latest Juniper Research report , the global embedded finance market currently boasts a total transaction value of around $92billion.

Embedded Finance 126

Embedded Finance Finance Non-Bank Embedded Payments 126

FICO

JANUARY 10, 2017

Participants and Influencers throughout the mortgage ecosystem have been told by the three main US credit bureaus through their jointly owned and controlled credit scoring firm, VantageScore, that the VantageScore can enable millions more consumers to gain access to a mortgage. million of whom will qualify for mortgage credit.

Research 81

Research Consumer Risk Assessment Risk 81

FICO

SEPTEMBER 13, 2017

The National Consumer Assistance Plan (NCAP) is a comprehensive series of initiatives intended to evaluate the accuracy of credit reports, the process of dealing with credit information, and consumer transparency. Medical collections that are identified in the credit file as being ‘paid by insurance’ are even less common.

Assessments 74

Assessments Credit Risk Risk Consumer 74

FICO

DECEMBER 2, 2019

Key drivers of this trend are the steady economic growth experienced over this period, as well as improved financial behavior driven by consumer awareness of their FICO® Scores. There are consumers who weren’t using credit back in 2009 but who have since established a sufficient credit history to meet the FICO minimum scoring criteria.

Consumer 52

Consumer Credit Risk Credit Cards Assessments 52

PYMNTS

OCTOBER 7, 2016

Plati Potom develops post-payment solutions for eCommerce and offline retailers, as well as data analysis and credit risk management tools. For QIWI, this transaction is another step in implementing its M&A strategy of investing in promising teams and technologies in the FinTech space.

Cross-Border 55

Cross-Border Credit Risk Risk Management Acquirers 55

PYMNTS

AUGUST 20, 2020

According to the release, the company’s research and development as well as analytical functions will remain in its Ra’anana, Israel offices. Behalf said that B2B sellers can use its product to “receive payment upfront, without the need to assume credit risk.

FinTech 64

FinTech B2B Finance Credit Risk 64

FICO

APRIL 12, 2023

And while some of our clients’ business lines benefit from the very latest innovations, others such as mortgage continue to find that older versions of the FICO® Score – even some that were first developed decades ago – meet their needs for credit risk assessment. in management science/operations research from UC San Diego.

Credit Risk 52

Credit Risk Risk Assessment Assessments B2C 52

FICO

MAY 10, 2017

There has been much discussion and several studies over the years regarding the potential value of leveraging rental data in assessing consumer credit risk. Which raises the question: Should rental data be widely reported to the three primary consumer credit agencies (CRAs)? But how many?

Regulatory Compliance 72

Regulatory Compliance Volume Compliance Underwriting 72

FICO

MARCH 8, 2021

The panel of experts assembled all agreed that an important part of upward economic mobility is access to credit, whether it’s to buy a car, own a home or start a business. That’s why FICO has been focused on finding new ways to demonstrate responsible financial behavior so that lenders can confidently extend credit to more consumers. .

Financial Inclusion 52

Financial Inclusion Checks Credit Risk Accounts 52

FICO

OCTOBER 15, 2020

consumers and the global economy. . And that’s because it generally takes a few months for the effects of that event and the accompanying financial strain to start to show up in consumers’ credit reports, in the form of rising balances, credit seeking behavior, and eventually for some, missed payments.

Credit Cards 76

Credit Cards Governance Government Consumer 76

The Fintech Times

APRIL 20, 2024

Research from Juniper Research has revealed that by 2028, the BNPL userbase will increase by 107 per cent to, from 380 million users in 2024. The state of BNPL in 2024 Juniper Research found that despite fintech companies commanding the BNPL market for years, 2023 saw a major shift, as superapps and banks gained traction.

BNPL 72

BNPL Regulations On-Demand Financial Literacy 72

FICO

SEPTEMBER 27, 2021

You are about to pitch a new capability that will address the need for short-term liquidity for nearly half of US consumers. When it comes to addressing short-term liquidity, the market size is likely 40%-50% of all consumers. Possibly your investor panel would like to hear about solutions that align to small dollar credit.

Credit Risk 52

Credit Risk BNPL Credit Cards Assessments 52

FICO

JANUARY 7, 2020

consumers’ scores upward. FICO Score Research: Explainable AI for Credit Scoring. Credit Scoring Trends to Watch in 2019. In February, Ethan Dornhelm looked at 4 key developments in credit scoring that he thought would be talked about in 2019: Consumer contributed data. Read the full post.

Posting 52

Posting Innovation AI Risk 52

FICO

MAY 27, 2021

FICO will present key insights gained from recent FICO® Resilience Index research and early lender adoption use cases across the consumer credit lifecycle at several key industry events starting later this month. To learn more, watch the recent Consumer Bankers Association webinar.

Use Case 52

Use Case Origination Credit Risk Assessments 52

FICO

FEBRUARY 28, 2017

In my last blog post , I shared a new FICO research study on credit trends in auto lending. So how are consumers affording these larger loans? This shift may signal an increase in credit risk for the industry because six-year loans have historically had higher delinquency rates.

Underwriting 56

Underwriting Credit Risk Risk Accounts 56

Fintech Finance

JANUARY 16, 2024

The same research ranked trade credit as a leading payment option preferred by business buyers. With minimal integration required, TreviPay’s Universal Acceptance solution enables suppliers who are already accepting credit cards to quickly and easily offer net-terms financing to their qualified buyers, while taking on no credit risk.

Credit Cards 52

Credit Cards B2B Visa Payment APIs and Integration 52

FICO

MARCH 27, 2018

Our first patent in this field was over 25 years ago regarding the use of neural nets to detect credit card transaction fraud. Machine learning is used throughout the company, not just in our industry-leading consumer fraud solutions, but in solutions ranging from cybersecurity risk detection to adaptive marketing profiles.

Credit Risk 49

Credit Risk Research Cybersecurity Fraud Detection 49

FICO

JANUARY 3, 2017

Chief among your interests were analytic innovation, credit risk, regulatory compliance, customer experience and mobile payments. Here’s a recap of our top 10 most popular posts published in 2016: US Credit Quality Rising … The Beat Goes On – Ethan Dornhelm shares FICO research showing how US consumer credit quality continues to climb.

Posting 53

Posting AML Money Laundering Regulatory Compliance 53

FICO

JANUARY 17, 2020

Seventy percent of digital transformation projects fail to reach their stated goals , at least according to research from McKinsey Consulting. According to our research , 58 percent of U.S. consumers reported waiting more than 30 minutes to secure financing for the purchase of an automobile. First up, buying a new car.

Procedures 59

Procedures Credit Risk Automation Finance 59