Man holding smart phone showing credit score.
FICO has launched a new program to help financial institutions expand access to credit for underserved communities.
The Lenders Leading Inclusion initiative offers Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) access to FICO’s alternative data scores and inclusion strategies.
“We created this program to support MDIs and CDFIs with the tools and resources they need to broaden their lending reach to more credit-ready applicants, including those with little or no credit history,” FICO Vice President and General Manager of Scores Julie May said in a prepared statement. “The Lenders Leading Inclusion program underscores FICO’s commitment to helping lenders responsibly expand credit access and opportunities to more people.”
Nearly 53 million U.S. consumers have only scant credit bureau data or no credit bureau data at all, and 25 million of these consumers are considered “credit invisible” with no credit bureau record, according to FICO.
Research showed that mission-driven financial institutions serving this population often experience challenges with access to resources - including lack of access, capacity and technical support to adopt new technologies - which can help them expand lending opportunities to more people, according to FICO.
CDFIs and MDIs that participate in the Lenders Leading Inclusion program, however, will be able access those resources, which include FICO’s technology, expertise and information such as program adoption resources and tools for FICO scores based on alternative data and inclusion-led lending strategy design consulting by industry experts who have helped lenders achieve greater inclusion through analytics.
To learn more, visit FICO Score Information Center.
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