How scoring can benefit your business
Reduce risk, boost revenue and keep your best customers with Fair Isaac scores. Bring the competitive advantages of analytics to your business-precision, consistency and speed.
With Fair Isaac scores, you reap the benefits of advanced predictive analytics, based on the data of millions of consumers, without shouldering the expense of custom development, testing and maintenance. Scores are available through credit bureaus and through Fair Isaac itself.
A score is a number that gives you a clear forecast of future customer behavior. Scorecards analyze historical data - for example, a consumer's credit file - and assign a three-digit number to an individual or customer. With credit risk scores, such as the FICO score, this number indicates the likelihood that the consumer will miss loan payments. Fair Isaac also develops scores that predict other consumer behaviors, such as how likely a consumer is to respond to a particular promotional campaign.
Scores make it easy to segment customers and target decisions. You can set score "cutoffs" for any decision, and match the decision, the offer, the pricing and other variables to each consumer's score level.
Fair Isaac scores are used billions of times a year to help lenders, insurers, rating agencies and other parties:
- Control risk. In marketing, origination / underwriting, customer management, collections and other areas, scores rank-order accounts by risk level, giving you insight into your customers and portfolio, and the ability to target decisions.
- Find new customers. Scores can be used to "prescreen" consumers at a credit bureau, in order to find the ones who match your desired risk level or other criteria.
- Identify the best prospects for new offers. You can use scores to match product offers to customers, based on their needs, risk, likelihood to respond or other measures.
- Assess portfolio quality. Scores provide a clear, objective measure of a set of loans or customer accounts, giving lenders, insurers, rating agencies and prospective portfolio buyers a solid measure of portfolio quality.
Scores improve every aspect of your decisions:
|
Precision |
Scorecards balance dozens, even hundreds of pieces of data to produce scores that give a very accurate forecast of future customer behavior. |
|
Consistency |
By using score cutoffs, you can make decisions on all your customers using a common measure. |
|
Agility |
Adjusting score cutoffs is an easy way to raise or lower risk exposure, change your acceptance rate or modify other decision thresholds. |
|
Speed |
Scores can be calculated in real-time and delivered instantaneously through links to third parties or Fair Isaac, or you can access recent scores to make decisions. |
|
Cost |
Scores are inexpensive, require minimal operational work within your systems to access and use, and can be used to automate decisions, freeing your staff to focus on other areas. |
---------------------------------------
Learn more:
Why choose Fair Isaac?
Scoring products and services
Looking for more information on solutions for scoring?
Visit the Resource Center to access all white papers, customer successes, and all other web-based resources related to this and many other topics.
Ready to put Fair Isaac to work for you?
-
Engage with a Fair Isaac specialist by calling 1.888.FICO.EDM (US / Canada). International: From overseas, please call 1.408.535.1500 or contact your
local Fair Isaac office
-