Russia's Sovcombank Will Use Psychometric Scoring from FICO and EFL to Increase Credit Portfolio
HIGHLIGHTS:
Russia's Sovcombank is using survey-based credit scoring from EFL and FICO to attract young people looking for their first credit card- The EFL score uses psychometrics and behavioral data to measure a person's credit risk based on their answers to questions in an online assessment
- FICO, the developer of the world's leading credit score, markets the EFL score in
Russia and other markets
More information: https://www.eflglobal.com/
"We are using the EFL score to give young people a new way to get their first credit card," said Sergey Khotimskiy, deputy CEO at Sovcombank. "Moving forward, we intend to use the score to rate the risk of people who don't have a FICO Score because they are new to credit, and so don't have a credit history to score. This is an innovative way for us to grow our market."
Unlike the FICO® Score in
"EFL uses a very different method from FICO, but the goal is the same — to instantly and reliably determine a person's likelihood of repaying credit," said
"Our score is perfect for a bank like Sovcombank, which wants to build its portfolio among young people who may not have traditional FICO Scores," said
FICO's partnership with EFL Global is part of its FICO® Financial Inclusion Initiative, which aims to help lenders make affordable credit available to the estimated 3+ billion unbanked and underbanked adults worldwide. These "credit invisibles" benefit from credit scores that leverage multiple data sources to assess credit risk and assist responsible lending. FICO offers EFL's psychometric scoring alongside its own credit scoring products in
More than half of the top Russian banks use FICO® Scores delivered by NBKI. The FICO® Score is the most used credit score in the world, and the standard measure of U.S. consumer credit risk.
About EFL
EFL helps lenders in emerging markets safely approve more people. With 10 years of experience enabling over
For more information, please visit http://www.eflglobal.com/.
Join the conversation at https://twitter.com/eflglobal & https://www.eflglobal.com/blog/
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in
Learn more at www.fico.com.
Join the conversation at https://twitter.com/fico & http://www.fico.com/en/blogs/
FICO is a registered trademark of
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/russias-sovcombank-will-use-psychometric-scoring-from-fico-and-efl-to-increase-credit-portfolio-300443125.html
SOURCE FICO
Media: Georgia Hart for FICO, Catalysis, +44 (0)20 7759 2011, fico@catalysis.co.uk; Investors/Analysts: Steven Weber, FICO, +1 800-213-5542, investor@fico.com