New scores will include data from property records, utilities and telecommunications firms.
Credit union leaders say they already consider FICO's changes when underwriting loans for members.
Will the new change in the way credit scores are calculated result in a loan growth boost for credit unions?
View six charts that show the latest auto lending statistics.
Discover Financial Services said Nov. 18 holders of its cards will begin seeing FICO scores on their card statements. A company executive described the move as a way of helping customers better manage their finances.
A company executive described the move as a way of helping card holders better manage their finances.
Financial transactions are increasingly happening in real time and so are the fraud attacks that naturally follow. To help fight that, CO-OP Financial Services is working this year to continue to move several hundred client credit unions to the real-time version of the widely used Falcon Fraud Manager neural network service...
A new service from FICO will offer credit card issuing credit unions greater and faster flexibility in their card offering and marketing decisions, the firm said.
Soon after FICO announced a new service that will help credit unions' mortgage servicers, among others, predict mortgage defaults, another firm has announced a similar service that will predict default by looking at late fee payments to homeowners associations.
Credit unions servicing a significant number of mortgages might benefit from a new tool to help determine which mortgage holders were at the highest risk for choosing to default, FICO said.