FICO Launches "FICO Score Trends" for Lenders
FICO has announced the launch of a new subscription service for businesses, FICO Score Trends. Through the service, "lenders will be able to access and drill down into industry FICO® score trends, indexed by a range of criteria such as industry, geography and time period, to regularly analyze their own portfolios and improve their risk management and forecasting."
Until now, regular access to trend information for FICO® Scores has been available only by custom arrangement. Now any lender can routinely compare the regional and national score trends they observe in their own portfolios against detailed macro level trends and benchmarks provided in FICO® Score Trends. With this added insight, lenders will be better able to anticipate and prepare for potential risks and losses, as well as identify areas of opportunity and refine their business strategies.
“Lenders have long wanted access to FICO score trend information over time, at both national and state levels,” said Lisa Nelson, vice president of Global Scoring for FICO. “Now lenders have a new dimension for managing credit risk with greater precision. The granular detail available in FICO Score Trends can help lenders better understand the subtle patterns in customer credit risk and behavior, enabling more refined strategies in segmentation, portfolio management, and securitization valuation. Bottom line, these insights can lead to reduced risk and improved profitability.”
FICO® Score Trends will be available starting March 12, 2009. To request a subscription or for more information, please contact FICOScoreTrends@fairisaac.com.
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