News Topic: FICO

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TomoCredit relies strictly on cash-flow data to gauge the creditworthiness of immigrants and young consumers, who often have too little financial history for traditional scoring models. ]] ... Read full article

Harvest, a fintech founded by Nami Baral, has developed an alternative scoring method that amasses data on spending patterns, debt payments and even earnings potential to get a better sense of consumers' creditworthiness. ... Read full article

Lenders are struggling to deploy deposits into interest-earning assets, and changes to post-secondary education may further limit these options. ... Read full article

The German bank agreed to pay $150 million to New York State for its dealings with Jeffrey Epstein; the new tool will help lenders determine which borrowers are in the best shape to weather a crisis. ... Read full article

Attempts to rewrite the method for determining unintended discrimination in housing should not bleed into fair-lending laws. ... Read full article

Testing shows an overreliance on machine learning data can unfairly harm credit scores. ... Read full article

Doug Clare explains how the organization uses artificial intelligence to spot crime rings and skimmers. ... Read full article

The Trump administration’s “public charge” rule would add credit reports to factors that could be used to deny legal residency, but critics say credit scoring was never intended for that purpose. ... Read full article

The regulator of the government-sponsored enterprises retreated from an earlier proposal that had barred VantageScore because of its ties to the credit bureaus. ... Read full article

The new cloud-based solution is intended to help financial institutions make quicker credit decisions by integrating consumers’ histories with advanced software. ... Read full article

The Federal Housing Administration is returning to manual reviews of higher-risk loans it insures because it's finding that a growing share have lower credit scores, higher debt-to-income ratios, or both. ... Read full article

Bank technologists see the potential for AI in lending, money laundering detection, fraud and other areas. Regulators and bank executives insist on “explainability.” ... Read full article

The Federal Housing Finance Agency has proposed barring Fannie Mae and Freddie Mac from using credit scores developed by VantageScore over concern about conflicts of interest with the joint venture of Equifax, Experian and TransUnion. ... Read full article

A new credit score that includes consumers' cash flow alongside their credit score is winning praise for its potential to help expand access to credit, but some worry it gives the credit bureaus even more data that could be compromised. ... Read full article

In a move designed to improve access to financial products for consumers with low credit scores and short credit histories, Experian, FICO and Finicity are developing an "UltraFICO" score that lets individuals share checking and savings account ... Read full article

Brian Johnson, the agency’s second-in-command, wields much power; Fair Isaac is planning changes to credit scoring to boost approvals. ... Read full article