Company News
October 10, 2011
FICO and CoreLogic® to Develop New Credit Risk Scoring Solutions
Industry leaders collaborate on new credit risk scoring models for the mortgage industry
SANTA ANA, Calif., October 10, 2011 – CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today announced that CoreLogic® Credco and FICO—the leading provider of analytics and decision management technology – signed an agreement to develop new credit risk scoring solutions for the U.S. mortgage industry. The new scoring solutions will leverage the unique data assets within the CoreLogic CoreScoreTM Credit Report announced last week, along with FICO’s industry-leading analytic expertise, to provide lenders increased visibility into borrower credit behavior and future credit risk.
"Lenders today need as much actionable consumer information as possible so they can safely grow origination volumes and avoid future losses," said Greg Pelling, vice president of Scoring and Analytics for FICO. "CoreLogic’s unique data allows us to lever FICO’s deep analytic expertise and industry-standard mortgage score to create the consumer credit risk insights lenders need in today’s volatile market and for the future."
The first credit scoring solution will combine the unique data contained in the CoreScore Credit Report with the industry-standard FICO® 8 Mortgage Score, producing a sharper, predictive view of the consumer. Future solutions will build on the first, leveraging application data to deliver additional loan level insight and support more intelligent and consistent lending decisions.
"By blending the unique data from CoreLogic with the analytic expertise of FICO, we will be able to deliver a new and more predictive credit score with our recently launched CoreScore Credit Report," said Tim Grace, senior vice president of Product Management and Analytics for CoreLogic. "Together, this new credit report and credit score will provide the mortgage industry with increased visibility into consumer credit behavior and improved credit risk analysis. We envision this score as the first in a series of new scoring solutions that FICO and CoreLogic will create for use in the mortgage industry and beyond."
For more information on the partnership and scoring solutions, stop by and see CoreLogic and FICO at the Mortgage Bankers Association 98th Annual Convention & Expo in Chicago, Illinois, October 9 – 12, 2011.
FICO (NYSE: FICO) delivers superior predictive analytics solutions that drive smarter decisions. The company’s groundbreaking use of mathematics to predict consumer behavior has transformed entire industries and revolutionized the way risk is managed and products are marketed. FICO’s innovative solutions include the FICO® Score – the standard measure of consumer credit risk in the United States – along with industry-leading solutions for managing credit accounts, identifying and minimizing the impact of fraud, and customizing consumer offers with pinpoint accuracy. Most of the world’s top banks, as well as leading insurers, retailers, pharmaceutical companies and government agencies, rely on FICO solutions to accelerate growth, control risk, boost profits and meet regulatory and competitive demands. FICO also helps millions of individuals manage their personal credit health through www.myFICO.com. Learn more at www.fico.com. FICO: Make every decision count™.
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