Over 3 billion consumers set to gain access to credit
Analytic software firm FICO has announced a partnership with EFL Global that aims to secure access to affordable credit for over 3 billion consumers worldwide and expand credit scoring options for lenders. EFL is a leader in the use of psychometric technologies that enable lenders to provide loans to consumers and SMEs with no credit history, in 30 countries.
“Combining this with FICO’s credit scoring expertise and market reach takes us another step closer to helping people to lead better lives, which also can have a positive impact on the economy” said Jim Wehmann, EVP of Scores at FICO.
The goal of the partnership is to combine FICO and EFL’s technologies to score consumers previously judged ‘unscoreable’. The launch is part of the FICO Financial Inclusion Initiative, which aims to increase global economic growth through better and more open, reliable access to credit.
EFL Global is an innovative financial-technology company whose mission is to help people earn credit. EFL employs psychometric and nontraditional applicant data to create credit scores to measure risk and potential among consumers and small businesses in information-scarce environments. To date, EFL has processed over $1 Billion in credit decisions across 25+ emerging market countries using alternative data. EFL, a product of its early Harvard research, has been recognized by the G-20 as one of the most innovative approaches to SME finance globally. EFL’s partners include over thirty retail, MFI, and SME financial institutions across a dozen countries in Africa, Latin America, South Asia, and Southeast Asia. For more information, please visit http://www.eflglobal.com/
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 165 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.