In this roundtable discussion, Michael Crockett (COO, Xactus), Amber Christman (Director of Business Development), Alyson Finn (Senior Manager) - FICO’s Mortgage and Capital Markets division - and Lance Braun (Scores Marketing), discuss the pathway to FICO Score 10 T migration and the myriad benefits lenders and portfolio managers will realize leveraging trended data incorporated in FICO’s latest and most predictive score that also preserves the proven and trusted minimum FICO Score criteria.

For additional detailed information about FICO Score 10 T:

• New to FICO® Score 10 T? Learn how it supports more predictive consumer credit risk management using recent data.
• Whether you’re a national lender, mortgage servicer, local community bank or credit union, there are steps you’ll need to take to adopt the new FICO® Score. Learn more
• Learn why secondary market investors should Use FICO Score 10 T? View this video of Jim Wehmann, Executive Vice President, FICO talking with Joe Seidel, Chief Operating Officer of SIFMA on why the newest and most powerful FICO credit scoring model yet is the proven and reliable choice for secondary market investors world-wide. Watch now

Ready to migrate? Get the FICO Score 10 T migration guide

In part one of this two-part episode, FICO® Score Industry Insights Podcast host Lance Braun (FICO Score, Marketing) and guest Keon Haley (FICO Score, Product Management) discuss the FICO® Score A Better FutureTM financial literacy program – an ongoing series of free educational events to help Americans learn about credit scores and other relevant financial tools. Score A Better Future focuses on helping consumers better understand credit scoring, dispelling myths about how FICO® Scores are calculated, while providing free, one-on-one counseling from certified not-for-profit counselors tailored to their individual financial health and goals.Having a deeper understanding of credit, FICO Scores, and how lending works can help consumers make better credit-related decisions and potentially save thousands of dollars in interest rates and fees.

The program has already shown to help empower participants:According to our event attendee survey, 82% said that the Score A Better FutureTM events were very useful for helping them better understand how to achieve their financial goals.And 94% agreed that the event gave them an improved understanding of tools they needed to manage their finances better in the future.Want to learn more about credit scores? No worries! You can test your FICO® Score knowledge by playing with our Credit Galaxy[LS1]  game or visit the credit education section of myFICO for more information. We encourage you to engage, share content, and help us spread the word about the importance of financial and credit education.

 [LS1]Updated the link

In part two of this two-part episode, FICO® Score Industry Insights Podcasthost Lance Braun (FICO Score, Marketing) and guest Keon Haley (FICO Score, Product Management) discuss the FICO® Score A Better FutureTM Fundamentals financial literacy program – important and necessary curriculum specifically created to help high school and college-age students understand the basics of financial literacy, credit scores and learning about relevant financial tools available to ensure a secure financial future. In an economic climate where debt levels are rapidly increasing, the FICO® Score A Better Future program focuses on helping consumers better understand credit scoring, dispelling myths about how FICO® Scores are calculated, while providing free, one-on-one counseling from certified not-for-profit counselors tailored to their individual financial health and goals.Having a deeper understanding of credit, FICO Scores, and how lending works can help consumers make better credit-related decisions and potentially save thousands of dollars in interest rates and fees.

The program has already shown to help empower participants: According to our event attendee survey, 82%said that the Score A Better FutureTM events were very useful for helping them better understand how to achieve their financial goals.94% agreed that the event gave them an improved understanding of tools they needed to manage their finances better in the future.Want to learn more about credit scores? No worries! You can test your FICO® Score knowledge by playing with our Credit Galaxy game or visit the credit education section of myFICO for more information. We encourage you to engage, share content, and help us spread the word about the importance of financial and credit education.

Guest Joe Zeibert (FICO Score, Vice President, Mortgage Products and Solutions) and Host Lance Braun (FICO Score, Marketing) discuss the FHFA’s validation and approval of FICO Score 10 T for use by Fannie Mae and Freddie Mac, the two government-sponsored enterprises (GSEs) that guarantee most of the mortgages in the US. 

In addition, they discuss how FICO Score 10 T integrates trended credit data, illustrating FICO's commitment to continual innovation to address market and data advancements; by leveraging FICO's demonstrated scoring expertise, FICO Score 10 T offers more predictive consumer credit scoring risk management leveraging recent data. Last, they review the top 10 reasons why lending institutions can benefit from migrating to FICO Score 10 T now. 

For additional detailed information about FICO Score 10 T:

• New to FICO Score 10 T? Learn how it supports more predictive consumer credit risk management using recent data.
• Whether you’re a national lender, mortgage servicer, local community bank or credit union, there are steps you’ll need to take to adopt the new FICO® Score. Learn more
• Learn why secondary market investors should Use FICO Score 10 T? View this video of Jim Wehmann, Executive Vice President, FICO talking with Joe Seidel, Chief Operating Officer of SIFMA on why the newest and most powerful FICO credit scoring model yet is the proven and reliable choice for secondary market investors world-wide. Watch now
• Ready to migrate? Get the FICO Score 10 T migration guide

Host Lance Braun (FICO Score, Marketing) and guest David Binder (FICO Score, Product Management) discuss how to assess latent credit card portfolio credit risk as a function of consumer resilience, leveraging the new FICO® Resilience Index.

1. The FICO® Resilience Index is designed to allow portfolio managers to discover, assess and manage latent risk within portfolios of consumer borrowers bearing similar FICO® Scores, without cutting off access to credit for resilient consumers 
2. Leveraging traditional consumer credit data, it is designed to rank-order consumers by their sensitivity to a future economic downturn 
3. It offers a simple, powerful complement to the FICO Score for an array of use cases, including some specific to credit card portfolio account management, such as credit line increases / decreases and initial credit line assignment
4. In today’s uncertain environment, with increases in interest rates, job losses, and rising inflation, institutions should seek greater insight into consumers’ resilience to market downturns.

A credit score predicts a borrower’s likelihood of default based on the borrower’s past and present credit performance.* On the other hand, determining a borrower's resilience during periods of economic stress has historically been a challenge. How can lenders and portfolio managers have deeper insights about borrower behavior in the event of a severe economic downturn?  The FICO® Resilience Index (FRI), a new analytic tool, identifies the incremental risk that a consumer will default due to economic stress in the future.

Host Lance Braun (FICO Score, Marketing), discusses consumer credit risk and resilience, as well as the background, development and applications of the FICO® Resilience Index with guest David Binder (FICO Score, Product Management)

1. The FICO® Resilience Index can allow financial institutions to discover and manage latent risk within groups of consumers bearing similar FICO® Scores, without cutting off access to credit for resilient consumers
2. Leveraging traditional consumer credit data, it is designed to rank-order consumers by their sensitivity to a future economic downturn
3. It offers a simple, powerful complement to the FICO Score for an array of use cases.
4. In today’s uncertain environment, with increases in interest rates, job losses, and rising inflation, institutions should seek greater insight into consumers’ resilience to market downturns.