FICO (NYSE: FICO) has debuted the FICO Score Credit Insights Lab, a digital platform designed to provide financial institutions with benchmarking data and interactive portfolio modeling tools.
According to the Bozeman, Montana-based company, the new platform’s suite of tools enables financial institutions to analyze benchmarking data and simulate the impact of alternative data strategies on portfolio outcomes. The suite’s tools include:
- Average FICO Score by State Benchmarking Tool: Enables exploration of regional score trends by state or Metropolitan Statistical Area (MSA) across different FICO Score versions, industries, and time periods
- Serious Delinquency Rates by FICO Score Band: Provides access to national sample data for portfolio performance assessment and benchmarking analysis
- FICO Score Distribution Benchmarking Tool: Allows comparison of applicant or portfolio score distributions against large national samples
- FICO Score 10 Adoption Explorer Tool: Facilitates score comparison metrics and upgrade simulation to the FICO Score 10 Suite, including portfolio redistribution modeling
- Inclusion Opportunity Explorer: Quantifies the business potential of financial inclusion through alternative data scoring solutions for credit invisible and near-approval applicants
“From banks to fintechs – we built the FICO Score Credit Insights Lab to support the entire credit ecosystem by providing the ability to gain control of their credit strategies while safely expanding access to credit,” said Julie May, vice president and general manager of B2B Scores at FICO. “This new arsenal of tools will put actionable data at lenders’ fingertips, enabling them to simulate portfolio changes, assess risk trade-offs, and optimize scoring strategies with precision and speed.”
