NAFCU Services announced today that FICO, a global analytics software leader, is the newest Preferred Partner to join its program serving credit unions.
Through this partnership, FICO will provide NAFCU member credit unions with educational resources and informational tools on how they can access and leverage FICO® Scores. The partnership was approved following a rigorous, independent review and voting process by credit union CEOs. This partnerhip with FICO can help the credit unions meet their business goals and objectives by leveraging FICO® Scores to build sound portfolios.
Leveraging traditional credit and new alternative data sources, FICO can enable credit unions to lend deeper and safely expand financial inclusion. The introduction of broad-based credit scores by FICO more than 30 years ago has transformed economic growth—making access to credit more efficient and objective while helping to protect the financial stability of lenders by enabling more informed decisions to limit risk.
“We’re proud to welcome FICO as a partner. Their commitment to accurate and reliable credit risk data through the FICO® Score models enables the Credit Union industry to make better informed lending decisions,” said Randy Salser, president of NAFCU Services. “We look forward to supporting FICO in sharing resources and education directly to credit unions.”
"FICO recognizes that credit unions are a vital part of the lending ecosystem in the United States,” said Julie May, vice president and general manager of Scores at FICO. “We are eager to work directly with NAFCU members to help them understand how FICO® Scores can be a valuable tool for solving business challenges while mitigating risk.”
To learn more about FICO® Scores, visit: https://www.nafcu.org/fico
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 215 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail, transportation and supply chain, 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 improving financial inclusion, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency.
About NAFCU Services
As part of the National Association of Federally-Insured Credit Unions, NAFCU Services provides funding, educational content, and a portfolio of trusted and vetted Preferred Partners. For 40+ years, we’ve served credit unions across the country. Our team of partners delivers groundbreaking ideas and next-gen solutions, enabling credit unions to compete, change the status quo, and grow their institutions. For more information, visit our website and follow us on Twitter.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231220914191/en/
Contacts
NAFCU Services Contact:
Madeline Kronfeld
mkronfeld@nafcu.org
FICO Contact:
Julie Huang
press@fico.com
