Press release: New FICO Credit Scores Provide Lenders Opportunity to Expand Access to Credit in India for Nearly 350 Million
Analytics software firm FICO today announced the launch of the FICO® Score in India and the roll-out of an alternative data score, FICO® Score X Data India, in partnership with LenddoTM. According to the World Bank, nearly half of India’sadult population are unbanked or underbanked. These new scores, FICO Score and FICO Score X Data for India, will give lenders greater flexibility and precision in their risk assessment of consumers, as well as help them safely and responsibly extend credit to millions more people.
FICO® Score for India is based on traditional credit data available from any of the major credit bureaus in India. FICO® Score X Data India, in partnership with LenddoTM, evaluates alternative data such as that from a consumer’s digital footprint (web or mobile device) to produce a score for consumers who don’t have enough traditional data on file with one of the Indian credit bureaus to produce a FICO® Score for India.
In the U.S., FICO has been successful using alternative data including telco, property and public record data to create FICO® Score XD. FICO® Score XD provides an onramp to credit access for over 50 million Americans who were identified as ‘unscorable’.
Photo courtesy of Juan Felipe Rubio.