FICO Launches Lenders Inclusion Program to Expand Credit Access for underserved Communities
Not sure if this benefits any of us in this community. FICO has launched the Lenders Leading Inclusion Program to help Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) expand credit access for underserved communities. The program provides access to FICO® Score XD and UltraFICO® Score, which can reach over 50% of the U.S. credit-eligible population. The initiative addresses the needs of nearly 53 million U.S. consumers with or no credit bureau data, including 25 million 'credit invisible' individuals. Participating institutions will receive alternative data scoring tools, program adoption resources, and inclusion-led lending strategy consulting. FICO Score XD utilizes phone and utility payment history, while UltraFICO Score considers consumer banking data to evaluate creditworthiness. Resources: https://www.stocktitan.net/news/FICO/fico-launches-lenders-leading-inclusion-program-to-expand-credit-qrzk7pl2f0p8.html https://www.fico.com/en/newsroom/fico-launches-lenders-leading-inclusion-program-expand-credit-access-underserved