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Tag Archives: FICO

FICO Expands Program to Offer Financial Counseling

FICO has announced it is expanding its Score Open Access program, which offers complimentary credit score access to consumers with credit management problems. Now, the program will also provide credit and financial counseling to approximately one million Americans.

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FICO Releases Alternative Credit Pilot Program

After extensive research, data scientists from FICO found that info such as property records, telecommunications, and utility information can be used as reliable sources to score 15 million consumers who do not have enough credit data to generate FICO score. By using this alternative data from LexisNexis and Equifax, FICO will give card issuers a FICO score that complies with relevant regulations that they can use to extend credit responsibly to millions of additional people.

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Study: 70% of Consumers Lack Knowledge of Financial Rights

Fewer than one-third of American consumers have a passable understanding of their financial rights, according to a new study from FICO. In a comprehensive survey of U.S. bank customers, the analytics company found only 30 percent of those quizzed about their financial rights earned a passing grade, with only 1 percent achieving an A (with 92 percent of responses correct).

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Recalibrated Credit Model Expected to Raise Scores

The company responsible for one of the most widely used measures of credit health is making changes to its current model that could boost credit scores nationwide. While the changes may have a significant impact on approval rates for credit cards and auto loans, the effects will be more subtle for borrowers and lenders in the mortgage space, says Greg McBride, chief financial analyst for personal finance website Bankrate.com.

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Trends Indicate Recovering (Not Bubbling) Home Market

Market trends across the United States indicate a recovering real estate market—but not a bubble—according to the latest Home Value Forecast from Pro Teck Valuation Services. According to the forecast, the housing economy is in healthy rebound, so much so that even the markets showing the greatest appreciation are not near 2006 figures, when the market was at its historical peak.

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Is Credit Really Loosening? Maybe Not

In a blog post published late last week, Urban Institute’s researchers assert, “A market composition change—not lower lending standards—explains the decrease in average credit scores for conventional and FHA [Federal Housing Administration] mortgages. “Despite rising home prices and gradual housing recovery, the mortgage lending rules have remained tight, inhibiting housing demand and economic growth,” they continue.

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Report: Credit Standards Show ‘Little Sign of Easing’

Black Knight Financial Service’s Mortgage Monitor Report shows the effective loan modification efforts have shown far fewer defaults, which helps those underwater already in homes. However, those looking to get a home that have had some trouble in the past may hit a brick wall as only 30 percent of loans last year went to borrowers with credit scores below 720, which isn’t even close to the subprime score of 620.

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Nonprime Arena Gains Another Competitor

According to a company release, Carrington has lowered its minimum credit requirements to a FICO score of 550 and expanded its guidelines on certain loan programs under the Federal Housing Administration (FHA), Veterans Affairs (VA), and U.S. Department of Agriculture (USDA), extending eligibility to more property types and reducing overlays.

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