Are Auto Lenders Overlooking Creditworthy Consumers?

The past 10 years generated a lot of change in the consumer credit industry. Repercussions of the financial crisis, new regulations, and expanding sources of credit such as marketplace lending, have left many creditworthy individuals underrepresented or misrepresented by traditional scoring models. Conventional scores offer only a partial view of consumer behavior and its associated […]

Fair Isaac’s UltraFICO May Be a Boon for Borrowers

Fair Isaac Corp. announced on Monday a new scoring system that would take into account a borrower’s checking, savings, and money market account transactions. By including these activities with traditional FICO metrics, the new system could boost many consumers’ credit scores. The new product, called UltraFICO, was unveiled at the Money 2020 in Las Vegas. […]

Fintech Credit Karma Enhances Auto Insurance Tool in Texas, California

Credit Karma estimates that consumers overspend $21 billion a year on auto insurance. In light of this, the fintech is providing a simplified service for consumers to find cheaper auto insurance policies. The company announced this week that it is expanding its auto insurance tool to generate insurance suggestions to consumers by analyzing government information […]

Consumer Credit Scores Rise But Risks Remain, Executive Says

Nearly half of consumers saw their credit scores increase by 20 points or less this year, but subprime lenders should be cautious of the real impact it has on consumers’ ability to repay, said Damon Edmondson, chief of analytics at debt purchaser and servicing company Flock Specialty Finance. Credit scores increased by an average of […]