FICO announces credit program for risky borrowers – helping millions of borrowers buy a home.

FICO (FICO), LexisNexis Risk Solutions and Equifax (EFX) released the official details to the new pilot program that was first reported on Wednesday, potentially opening the door to help millions of borrowers secure financing for a home. The three firms are working together to create a pilot program that will allow 12 of the largest credit card issuers in the U.S. to use alternative data to identify creditworthy individuals who would otherwise be unlikely to obtain traditional credit. FICO’s data scientists found that alternative data such as property records, telecommunications and utility information can reliably be used to score 15 million consumers who do not have enough credit data to generate FICO scores. Read more.
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