The Global FICO® score gives lenders from all countries that use almost any kind of credit bureau data the accuracy and decision-making power of Fair Isaac's FICO® risk scores. It consolidates a market's bureau information into a highly predictive risk assessment that gives lenders a way to instantly and dramatically improve the quality of their lending decisions.
Bringing the power and benefits of FICO® scores to the rest of the world
The Global FICO® score is a suite of predictive models, designed to rank-order the risk of lenders' applicants or existing customers in any market that has bureau data. The multiple-model-design is engineered to extract the full value from any kind of credit bureau data -- regardless of whether it is full-positive, partial-positive, or negative-only data. This ensures that even lenders in countries with less comprehensive data (such as negative-only data) can benefit from consistent and predictive scores.
Based on Fair Isaac's vast knowledge and experience gained from bureau score developments around the world, the models are designed for rapid implementation. This innovative new design drastically reduces the amount of time necessary before lenders have access to the power of Fair Isaac solutions to help improve lending decisions.
How and why it works
The Global FICO® score has multiple models, each designed for different kinds of credit bureau data and prior delinquency.
The model is selected based on the kind of data available and the level of delinquency present in the consumer file. As credit bureau data becomes more sophisticated with the addition of greater degrees of positive information, a new model is selected.
Distilling the predictive power in credit bureau data
Global FICO® score is an easy-to-deploy solution that summarizes all predictive data elements in the credit report to rank-order applicants and customers from least to most risky. It brings to all lenders the proven benefits of FICO® scores, including the ability to:
- Make accurate, risk-based decisions on applicants and customers; for example, whom to approve and decline, how much credit to extend and at what rate
- Make objective, consistent evaluations of future risk, regardless of geographic region, that can be tracked and verified, helping lenders comply with regulatory requirements including Basel II
- Automate decision processes, enabling significantly higher processing volumes while controlling risk
- Create a dual matrix with internal scores to identify "swap sets" of consumers around decision points that improve the risk-reward trade-off
For more information on this innovative new scoring solution, please contact us by e-mail or call us at +44 (0) 870 420 3675.
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