最有看点的互联网金融门户

最有看点的互联网金融门户
国际资讯监管与政策金融信息服务

FICO评分:曾经被指僵化过时 如今却再受热捧

就在几个月前,FICO将会退出历史舞台的猜测还甚嚣尘上。费尔艾萨克公司于60年前在美国创立了FICO评分体系,这种评分制度在过去30年的消费者借贷领域一直占据着核心地位,尤其在近20年的风险包销过程中作用更是明显。

但是在过去12个月中,针对FICO评分法的质疑声音日益高涨,有人认为这种审核借贷人资质的方式可能过于保守僵化,恐怕难以适应瞬息万变的消费信贷市场。

ZestFinance首席执行官和创始人Doug Merrill(同时也是谷歌的前任首席信息官)在近日接受采访时表示:“基于FICO的包销方法无法非常好的回答如下两个问题:你能还钱吗?如果可以,你愿意还钱吗?”

多年以来,FICO其实并不关心这些问题,因为作为市场上唯一存在的评分体系,FICO基本没有继续突破的动力——毕竟只有竞争才产生压力。

但是现在,FICO不再是市场唯一的选择,借贷领域出现了新的竞争者。后者依托先进的算法支持,希望对潜在借款人的信用进行更合理的评估。

Merrill指出:“我们成功的原因就在于我们是通过规模巨大的小数据来获取答案。”这个定位吸引力非常大—— 对那些希望通过互联网平台和“比FICO更智能”的风险评估系统找到潜在贷款者的投资人尤其如此。

比如2015年12月,Reps. Edward Royce和Terri Sewell引入了“信用评分竞争法”,允许房利美和房地美使用除FICO外的信用评分模型。

Royce表示:“政府支持企业(房利美和房地美)使用单一信用评分模型是不公平的,这将会阻碍信用评级领域的竞争和创新。房利美和房地美打破了信用评级领域的垄断,有助于他们减少信用风险,因此减少了纳税人紧急援助的潜在需求。”

这对费尔艾萨克公司来说不是好消息。2015年底,许多分析师指出,如果FICO不能维持其在抵押贷款领域的支配性地位,特别是和房利美以及房地美的独家关系,它的好日子恐怕已经到头了。

但在2016年初,情形相比于三个月前又有所变化,FICO似乎没有看上去的那么过时。

事实上,在新的一年里,许多财务管理者开始重回过去的做法。鉴于一些平台的违约率出现了上升,人们开始认真研究这些新型风险评估系统的表现,FICO的优势也重新显现出来。

大银行的赞许

2016年开始,大银行和信用卡公司通过为他们客户免费提供FICO评分的方式增加了FICO的使用率。其实从四年前开始银行就已经开始推行这项服务了,但是大多数银行一直有意减缓提供该项服务的速度。Discover Network是最早行动的,该机构大约在2013年提供该并向市场推出该服务。

但是,在借款人和的新评估方法的压力下,大银行们从去年开始积极正式推行这项服务,并希望通过这种老式的FICO系统提升客户安全感和满意度。

这其中就包括摩根大通和花旗集团。一月开始,美国银行开始有规律的将其信用评分提供给客户,富国银行和美国合众银行则在二月份紧随其后。

美国消费者律师中心律师Chi Chi Wu表示:“这是一组评判你的借款能力并打分的系统。它的作用很重要,所以你有权获得这份服务。”

根据FICO执行副总裁Jim Wehmann的说法,该公司希望通过推行“开放存取(Open Access)”项目让FICO分数变得更加透明。他指出,其实银行基本上都已经购买了打分,所以这对他们来说没有损失。

Wehmann表示:“外界对于FICO评分有许多误解,而之前的普及宣传也没有让这种情况有所好转。我们认为银行就是消费者FICO评分的天然获取渠道,因为他们就是信用的来源。“

除此之外,报告指出与FICO系统相连也是一大卖点。根据摩根大通消费者品牌信用卡部门主席Pam Codispotide的说法,摩根大通2015年3月推出的Slate卡在增加FICO分数连接后,用户大增。

目前的状况是:FICO重新成为吸引消费者的一大卖点,而经济形势下滑和违约率上升却让人们对互联网借贷平台和其创新的信用评分算法产生了质疑。投资者、监管者和消费者都在思考,这种通过分析社交媒体和电子商务数据进行评分的方式,其最终结果是否和FICO不同,是否评价效果更好。

过去30多年里,FICO一直在借贷评估领域“精耕细作”着。因为事实证明,在评估把钱借给谁的时候,有些历史经验总是有好处的。

It was just a few months ago that FICO’s fading and inevitable fall was being widely speculated. Fair Isaac Corporation — the entity behind the FICO score — is an American institution that has existed for over 60 years. The FICO score itself has been a central part of consumer lending for the last 30 years and has, in fact, become an ever more central part of the risk underwriting process, particularly in the last two decades.

But, for the last 12 months or so, FICO’s 300–800 scoring method has been serenaded by an increasingly loud chorus of voices questioning whether the system had become too backward-looking, dated and rigid to continue to function as the be-all and end-all answer in consumer lending.

“FICO-based underwriting doesn’t do a very good job of answering two questions: ‘Can you pay us back, and if you can, will you pay us back?’” Doug Merrill, CEO and founder of ZestFinance (and former CIO of Google), told PYMNTS in a recent interview.

Now, for years, whether FICO did a very good job of answering those two questions was somewhat irrelevant. The great benefit of being the only game in town is that the pressure to be “very good” isn’t always there — mere competence will suffice.

But FICO is no longer the only game in town, and now, there are new entrants to the lending field, backed by algorithms that they claim do a better job of assessing the creditworthiness of potential borrowers.

“That’s what we’re really good at seeing, because we look at thousands of small data clues that give us the answer,” Merrill noted.

And that pitch was attractive — to consumer borrowers looking for a scoring system with the potential of opening up lending, to investors who spent hundreds of millions investing in lending platforms and their “smarter-than-FICO” risk evaluation systems. By the end of 2015, the federal government got in on the act and in a big way.

In December, Reps. Edward Royce (R-CA) and Terri Sewell (D-AL) introduced HR 4211, the Credit Score Competition Act of 2015, which would allow Fannie Mae and Freddie Mac to use credit scoring models other than FICO.

“The GSEs’ [Fannie and Freddie] use of a single credit score is an unfair practice that stifles competition and innovation in credit scoring,” said Royce. “Breaking up the credit score monopoly at Fannie and Freddie will also assist them in managing their credit risk and decreases the potential for another taxpayer bailout.”

Not good new for Team Fair Isaac. In fact, by the end of 2015, many analysts were noting that if FICO couldn’t hold its dominance in mortgage lending because of its exclusive relationship with Fannie and Freddie, its days might be numbered.

But the world at the beginning of 2016 is a somewhat different and more cautious place than it was a short three months ago, and FICO isn’t looking so outdated.

In fact, in the new year, lots of FIs have been embracing the good, old gold standard. And that push into a more visible place in a customer’s life — combined with the fact that rising default rates on some alt-lending platforms are leading some to take a closer look at those new and improved risk ranking systems — suggests that FICO just might have some FI-GHT left in it.

The Big Banks’ Thumbs Up

As 2016 kicked off, big banks and credit card companies started boosting FICO by offering their customers free access to its score. The ability to do so is not new; banks have been formally allowed to do so for the last four years (the result of a push by FICO. However, most banks had been somewhat slow off the mark to actually offer the service. The Discover Network was the earliest mover, offering the service and heavily marketing it as of 2013.

But, in the last year, under pressure from alt-lenders and their fancy new assessment methods, the biggest of the big banks are starting to embrace it and are giving their customers warm and fuzzies with respect to the old-fashioned FICO.

JPMorgan Chase and Citigroup adopted the program in the last year, Bank of America started offering regular access to its credit scores to customers in January and Wells Fargo and U.S. Bancorp followed suit in February.

“This is a piece of information that grades you and judges your ability to borrow, and because it is so crucial, you should be entitled to have it,” said Chi Chi Wu, an attorney at the National Consumer Law Center.

According to Jim Wehmann, EVP of scores for FICO, the firm has recently embraced making FICO transparent and accessible with its “Open Access” program. Since banks, he noted, are already paying for the scores in most cases, it costs them nothing to pass along the score.

“There was lots of confusion out there about what a FICO score is, and those educational scores were not helping. We felt the banks were the natural conduit to get consumers FICO scores, because that’s where the credit process begins,” Wehmann said.

And, apart from being educational, reports indicate access to FICO is also a selling point.

When Chase added free FICO score access to its Slate card in March 2015, applications and usage rose, according to Pam Codispoti, president of consumer-branded cards at Chase.

And just as FICO is emerging as a more accessible selling point for consumers, those alt-lending platforms and their credit-ranking algorithms are starting to get a closer look, as economic conditions are changing (and becoming less favorable) and default rates have gone on the rise.

Investors, regulators and consumers are all wondering if those new ranking systems — with all the data on social media and eCommerce they can siphon in and analyze — are actually putting up results that are much different or much better than FICO’s.

And FICO — like The Rolling Stones song — has time on its side. And a long 30-plus-year track record it can point to in assessing lending risk. And, as it turns out, when it comes to assessing who to give money to or not, a little bit of history may not be such a bad thing after all.


用微信扫描可以分享至好友和朋友圈

扫描二维码或搜索微信号“iweiyangx”
关注未央网官方微信公众号,获取互联网金融领域前沿资讯。

发表评论

发表评论

您的评论提交后会进行审核,审核通过的留言会展示在下方留言区域,请耐心等待。

评论

您的个人信息不会被公开,请放心填写! 标记为的是必填项

取消

顾澄 | 未央团队未央编辑团队

101
总文章数

TA还没写个人介绍。。。

中国新金融的盛世缩影:在线借贷的源起、进化和未来

洪偌馨 | 馨金融 12-09

[未央翻译]Fintech国际资讯周报|2017年第48周

高旭 12-01

[未央翻译]Fintech国际资讯周报|2017年第46周

高旭 11-17

新加坡央行密切关注比特币和ICO行业发展

Samburaj D... 10-09

要做2B金融科技服务,先看看征信巨头FICO都做了啥

凯文 张扬 ... | 爱分析ifen... 09-20

版权所有 © 清华大学五道口金融学院互联网金融实验室 | 京ICP备17044750号-1