Global credit scoring company FICO has concluded a new partnership with Lenddo, a specialist in credit and verification technologies. The two companies plan to develop a credit risk score for consumers in India who have a limited or no formal credit history. The collaboration will combine Lenddo’s dedicated knowledge in the use of nontraditional data for scoring and online verification with FICO’s established strength in credit scores that are predictive, transparent and fair. FICO and Lenddo are developing a score that will give lenders improved certainty around the risk assessment of people with ‘thin-files’ – those who don’t have enough data in their credit report to score. Both companies are committed to the common goal of enhancing financial inclusion around the world. Richard Eldridge, co-founder and chief executive at Lenddo, said the company believes that helping qualified low- and middle-income consumers gain access to credit will improve their lives and quite possibly transform Indian society. Jim Wehmann, EVP of Scores at FICO, said the new partnership would be a great synergy of analytics and scoring innovation, which he hoped will give millions of creditworthy individuals access to credit.
