FICO Versions
FICO is lifting the curtain for consumers on the 19 most commonly used versions of the FICO Score from the three major credit bureaus. Combined, the 19 score versions represent approximately 95% of FICO Scores sold and used by lenders.
FICO Score 8
FICO is making additional versions of the FICO Score available to consumers. Anyone who buys a product with a base FICO Score 8 from myFICO.com now also receives up to 10 additional FICO Score versions ” five based upon Equifax data and five based upon Experian data.
Capital Access Network Expands Remittance Reach
Capital Access Network inked a Letter of Intent (LOI) with Manuel E. Tavares, Victor Jose Pacheco and Juan E. Tavares for use of its “Daily Remittance Platform” (DRP). With this, CAN expands presence into 21 additional countries in Latin America, the Caribbean and Europe, plus the Commonwealth of Puerto Rico. The “DRP” end-to-end finance delivery system enabling small and mid-sized business (SMB) finance providers to offer “daily” remittance and recurring revenue-based finance products while driving credit card issuance and acceptance. It integrates more timely and relevant SMB revenue and behavioral data into all aspects of product delivery, from targeting and decisioning to asset management, decreasing capital provider risk while increasing capital access for underserved SMBs.
Capital Access Network Introduces Remittance Platform
Capital Access Network (CAN) unveiled a Spanish language version of its Daily Remittance Platform. Introducing the concept of “daily remittance” finance through a demo of the DRP SPARQ Underwriting Module at FinovateFall 2010, the Platform offers small and mid-sized business (SMB) lenders, lessors, processors, acquirers, banks, credit card issuers and other working capital providers improved risk, decision-making and portfolio performance visibility. Advancing past simple credit score-based underwriting, DRP integrates all components of a finance operation into a single business layer, including required workflows and accounting modifications, enabling the provider to be in-market within 90-180 days.
Infonox Introduces IDNox for the POS
San Diego-based Infonox introduced “IDNox” which verifies address, SSN, driver’s license and OFAC validation with real-time analysis at the customer touchpoint. IDNox is platform independent and uses application program interfaces that enable users to integrate the solution through XML or HTML, and it operates over TCP/IP or as a stand-alone application. IDNox is being used by tellers, cashiers, kiosks, ATMs and other Web-based services. Infonox enables financial service providers to create their own “hub and spoke” networks for the delivery of revenue generating services.
Equifax and Fair Isaac Launch Score Watch
Equifax and Fair Isaac have partnered to launch a new service to enable consumers to track their “FICO” credit score. “Score Watch” continuously monitors subscribers’ Equifax credit file for changes that can affect their FICO scores. Once a change is detected, “Score Watch” alerts subscribers via email or wireless text message, advising them to visit a secured Web site for a detailed explanation of the change in credit status. If the subscriber’s credit score changes by a significant amount due to changes in their credit file, the “Score Watch” alert will also include their up-to-date score. “Score Watch” subscribers also can preset a target score and be notified when they reach it, a valuable service for consumers who are aiming to qualify for a mortgage, home equity, or auto loan at a lower interest rate. “Score Watch” is available for $7.95 per month or $79.95 for 12 months.
Fair Isaac Launches ID Theft Protection Programs
Fair Isaac’s myFICO.com has launched a line of products and services for consumer identity theft and credit protection. The new “myFICO Identity Theft Security” comes in a “Standard” version for $1.95 per month, a “Deluxe” edition for $4.95 per month, and a “Premium” version to be released later this year. The “Standard” version constantly monitors over 400 sources of public data for subtle changes to a borrower’s personal information and includes identity theft insurance and a toll-free help line with personal assistance. The “Deluxe” version adds quarterly monitoring of the consumer’s “FICO” credit score. The “myFICO Identity Theft Security Premium” program will soon be available through certain bank partners and on the myFICO.com Web site later this year. The “Premium” product gives consumers all the benefits of the “Deluxe” product, but with the added strength of Fair Isaac’s “Falcon Fraud Manager.” Falcon minimizes fraud losses by detecting fraudulent card transactions in real time, then instantaneously alerting the customer.
Fair Isaac Launches ID Fraud Intercept
Fair Isaac has launched a new online consumer service to fight identity theft and fraud. “ID Fraud Intercept” monitors more than 400 public and commercial databases for changes to the consumer’s personal address or phone number. The service also highlights signs of potential fraud that may appear in a customer’s personal credit report and “FICO” score. Customers also receive detailed, expert guidance and online tools for monitoring their own credit reports and responding to possible identity theft.
FICO X3
Fair Isaac yesterday announced a new service to offer consumers all three of their “FICO” credit risk scores. The Experian-based “FICO” score joins “FICO” scores from Equifax and TransUnion in the first complete view for consumers. Fair Isaac is charging consumers $12.95 for each FICO-scored profile or $38.85 for all three. Fair Isaac says that through its myFICO Web site and associate Web sites, more than two and a half million FICO score-based information products have been sold to date.
National Credit Power Week
Fair Isaac Corporation announced National Credit Power Week on April 28- May 2, 2003. The week-long event is a celebration of the financial gains available to consumers by knowing their credit health and using that knowledge to boost their financial prospects.