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Credit Scoring & Decision System

FICO:  Fast Track Analytics Application Development

Here is useful advice from FICO concerning analytics application development:  From days to minutes:  A payment processor decreased cycle times from days to minutes, lowered cost of operations, achieved a 60% reduction in manual reviews, and reduced fraud losses— all with greater business control. … all within three months: A large international micro-loan provider re-platformed an entire originations process while ... Read More »

TransUnion IPO Launched on New York Stock Exchange

TransUnion, which shares the title as one of the big three credit-reporting firms with Equifax and Experian, opened trading on the New York Stock Exchange Thursday June 25th up at $24.62, 9.4% above its initial public offering price of $22.50. It’s stayed pretty steady ever since, trading at $24.66 in recent trading. It was not the credit-reporting company’s first attempt to ... Read More »

Is There a New Breed of Forward Looking Credit Bureau Solutions on the Horizon?

When asked what made him an outstanding hockey player Wayne Gretzky replied,” I skate where the puck is going, not where it has been”. Unlike today’s credit characteristics which are based upon an historical perspective of a consumer’s behavior, this new breed of credit characteristics anticipate future consumer credit profiles allowing lenders to tailor credit offerings and risk management strategies ... Read More »

Cortera Announces New Releases of eCredit® Software

Cortera, Inc. is pleased to announce two new releases of eCredit, the award-winning credit scoring and collections automation platform. These two releases continue the tradition of providing forward-thinking, customer-driven enhancements to keep eCredit at the forefront for credit and collections software. Version 7.6 went live in March 2015 and incorporated the Cortera Score into eCredit reports. The Cortera Score assesses ... Read More »

General Motors CIO Randy Mott Joins Dun & Bradstreet Board of Directors

Dun & Bradstreet (NYSE: DNB) today announced the appointment of Randall D. Mott, General Motors’ senior vice president and chief information officer, Global Information Technology, to the company’s Board of Directors, effective immediately. Mott will serve on the Board’s Audit Committee and Innovation & Technology Committee. In this role, he will provide guidance in a number of areas, namely working with executives on ... Read More »

Callcredit Launches DeviceRisk to Protect Customer Enrolments

Callcredit Information Group has launched DeviceRisk which will be immediately available via its flagship Fraud and ID solution, CallValidate.  Powered by the risk solution from anti-fraud company iovation, DeviceRisk captures information relating to the device used by a consumer during any interaction and returns critical information in real time to highlight any risk associated to that specific device. Devices such ... Read More »

Equifax Partners with Digital Matrix Systems

Equifax announced a Partnership with Digital Matrix Inc. to Introduce Credit Score Alternative for Auto Insurance Equifax announced a relationship with Digital Matrix Systems, Inc. (DMS) to introduce a new, innovative credit score alternative for the auto insurance industry.  The risk evaluation tool will enable insurers to reduce risk exposure, reduce acquisition costs and simplify the customer quote process. Compare.com, an auto insurance ... Read More »

U.S. Lenders Reluctant to Switch to Better Performing Credit Risk Scoring Models

For an industry that prides itself for being sophisticated with the use of data and advanced analytics adoption to new credit scoring systems is a slow and expensive process. According to VantageScore LLC, three recent independently conducted surveys http://www.vantagescore.com/news-story/140 suggest that slightly more than 50% of the lenders interviewed would consider switching from their existing credit scoring system to one ... Read More »

FICO Establishes New Office in Stockholm

FICO has been expanding its business in the Nordics, working with important regional banks including EnterCard, Gjensidige and Nordea. The company helps these firms and others use advanced analytics to fight fraud, manage customers and improve collections.FICO (NYSE:FICO) announced it is opening an office in Stockholm, Sweden. At a launch event on April 14, Wayne Huyard, executive vice president for Sales, ... Read More »

Credit Bureaus in India May Soon Use Social Media in Credit Scores 

Credit bureaus in India may soon use data and client feedback from social media sites like Facebook, Twitter and Yellow Pages in credit scores Experian, which provides information to companies, gathers a lot of information from the social media space such as comments on Yellow Pages, consumer forums, company websites and published reports. “We are working with a private sector bank ... Read More »

FICO Offers Consumers Access to 19 Versions of Most Used Scores by Lenders

FICO (NYSE:FICO) announced it is providing consumers with access to the 19 most commonly used versions of the FICO® Score from the three major credit bureaus at myFICO.com. Together, these 19 score versions represent approximately 95 percent of FICO® Scores sold and used by lenders. The offering from FICO enables consumers to quickly understand their overall credit health. Consumers can view their base FICO® Score 8 ... Read More »

FICO, LexisNexis Risk Solutions & Equifax Joining to Generate Trusted Alternative Data Scores for Millions More Americans

FICO will use LexisNexis and Equifax alternative data to create scores for potentially 15 million unbanked and under-banked consumers FICO, LexisNexis® Risk Solutions, and Equifax today described details of a pilot program currently underway.  The pilot program allows 12 of the largest credit card issuers in the U.S. to use alternative data to identify creditworthy individuals who would otherwise be ... Read More »

Would Time Series Credit Scores Add Value to Consumer Credit Reports?

Research results indicate that historical balance and credit limit amounts on consumer credit reports may significantly improve the performance of credit risk models. Initial analytic offerings involving this new information from U.S. Credit Reference Agencies (CRAs) appears to be focused on the “low hanging fruit” of improved credit scores and decision support rules. Hopefully, CRA resources are also investigating new ... Read More »

Equifax, Zoot Join Forces in All-In-One Mobile Banking Solution for Enhanced Decisioning

MobilityPlus allows consumers to capture a photo of their ID on their smartphone or tablet to assist in auto-filling significant portions of their application, and in a matter of seconds, it performs a search-match analysis to help authenticate the consumer’s identity, and determine whether the device in use may be associated with fraudulent activity. These processes pull in leading, knowledge-based ... Read More »

Aussie Home Loans and Experian Launch CreditSavvy.com.au

Aussie Home Loans has joined forces with credit reporting agency Experian to launch a website offering access to free consumer credit scores and lots of information on credit reporting, scoring and management of personal finances. Consumers can also sign up on the website, creditSavvy.com.au, for free monthly credit score updates, a credit file monitoring service and alerts.  creditSavvy was launched ... Read More »