Credit Boot Camp: Educating Lenders on Fundamentals of Scoring and Data Driven Decisions
Blog: Enterprise Decision Management Blog
FICO World is always a fantastic opportunity for customers to connect with FICO experts, industry thought leaders and peers to discuss all things FICO and key trends in the industry. Before the official kick-off of every FICO World, FICO offers a day-long session, “Credit Boot Camp” which covers the basics of scoring and decision-making across all stages of the credit lifecycle.
The session this year was one of the biggest turnouts we’ve had so far. A group of FICO experts shared their knowledge and expertise with lenders who are new to scoring or credit management, or are just looking for a refresher on some fundamental topics. The session started off with an overview of the Credit Customer Lifecycle and the basics of the FICO® Score. We discussed topics such as: How are FICO Scores developed? What is the FICO Score comprised of? How are FICO Score reason codes determined, and what do they really mean?
The Boot Camp also went through key topics in the credit lifecycle, including origination fundamentals, customer management, and collections and recovery.
We were gratified that so many of our attendees found the session to be useful, and many expressed that they learned new information, such as FICO® Score XD and how it leverages alternative data to score more consumers, providing a path to financial inclusion for those who may be unscorable with traditional credit bureau data alone. See the video below for some of the feedback from attendees.
We hope to see you at our next in-person Credit Boot Camp. For those who were not able to join us but would like to learn more about the FICO Score and the Credit Customer Lifecycle, you can register for our online course at: https://marketplace.ficoanalyticcloud.com/apps/174052#!overview
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