As part of its effort to facilitate understanding and use of FICO credit scores, the Fair Isaac Corporation and AllRegs, a leading publisher of mortgage guides, have launched a FICO certification program.
By the time they finish the program, Certified FICO Professionals, which will be known as FICO Pros, will have "a strong understanding of FICO scores and how the FICO score impacts both the lender and the consumer," the organizations said in joint press release.
In order to receive this certification, candidates must agree to a code of ethics and successfully complete three one-hour online courses delivered by AllRegs Academy, the firms said.
"Certified FICO Professionals, based on FICO scores and other credit and lending criteria, will understand how FICO scores are created, the categories and data utilized in the credit report and the impact of FICO scores on consumers," the firms said.
"Because extending credit always involves risk, FICO scores play a pivotal role for both lenders and borrowers in most credit decisions," said Robert Duque-Ribeiro, vice president and general manager of scores for FICO.
"That's why it is crucial that lenders, mortgage professionals and their service representatives understand how FICO scores do their work of assessing credit risk. The knowledge provided by the new AllRegs curriculum gives financial services professionals the foundation they need to discuss FICO scores confidently and accurately with their borrowers and applicants," he added.