Experian FicoThe Experian Fico
Once the Finicity client has received authorisation to view their account statement, Finicity draws customer information from their current, saved and cash reference account, examines the duration of opening hours, the number of activities and stores them. Experian, for its part, will collect consumers' loan information and incorporate the new scheme into the lenders' current workflows.
Experian's CEO, Alex Lintner, says the initiative has "provided the business with a new way of using information that enables creditors to make better choices and make it easier for customers to obtain loans. Not only does providing creditors with greater insight into a potential borrower's repayment capability by providing them with the extra information they need, but it also enhances Americans' exposure to loans that are usually below the lenders' preferential rating thresholds.
In particular, this is true for thin-file borrower and those who are working on the reconstruction of their scores after a credit crunch. The UltraFICO will be pilot tested in 2019 to test the new scheme and assess consumers' readiness to pass on their financials. In mid-2019, the Group is planning to make the new scheme generally available to creditors.
Experian's cloud-based technology platforms, located in Dublin, Ireland, enable companies to leverage information and analysis to enhance the precision of their credit decision-making. Early this year, Experian announces its intention to purchase the UK company ClearScore for $385 million. FICO was established in 1956 as Fair Isaac Corporation and has recently stated that it will offer KYC and on-boarding solution to the Belarusian Belgazprombank.
Finicity, Utah was recently chosen as the external contractor for Freddie Mac's Loan Product Advisor automatic revenue and wealth valuation software.