LENDINGPOINT
WHAT IS A FICO SCORE ?
DID YOU KNOW ...
Thirty years ago , the Fair Isaac Corporation ( FICO ) debuted FICO Scores to provide an industry-standard for scoring creditworthiness that was fair to both lenders and consumers . A FICO Score is a three-digit number based on the information in your credit reports . It helps lenders determine how likely you are to repay a loan . This , in turn , affects how much you can borrow , how many months you have to repay , and how much it will cost ( the interest rate ). This traditional score is used by 90 % of banks in the US LendingPoint is now using data and technology to drive decisions on offering credit to many citizens who have been refused credit using this score . “ We believe in using data and technology to deliver money to people who need it which is not necessarily reflected in their FICO scores or any of their credit scores . We use technology to drive these decisions ,” said KN Kasibhatla , Chief Technology Officer at LendingPoint . driven to a mobile-driven digitalisation and that requires a more specialised way of presenting our brand and how we engage with and deliver for our customers .
How loyalty pays off for LendingPoint LendingPoint takes pride in its customer experience , and it shows , 26 % of their platform originations in Q2 came from their current customer base . The company has a focus on AI and data on their e-commerce and point-of-sale to retain and attract customers across the US .
114 December 2021