SAN JOSE, Calif., Feb. 9, 2017 /PRNewswire/ --
- FICO and Círculo de Crédito have made the FICO® Score available to lenders in Peru
- The score is available now through Círculo de Crédito Peru.
- The FICO® Score is the world's leading credit score, with more than 10 billion sold each year
Millions of Peruvians will find new credit opportunities thanks to the introduction of the FICO® Score in Peru. Círculo de Crédito, the fastest-growing credit bureau in Mexico, has partnered with Silicon Valley analytics firm FICO to introduce the FICO® Score, which will help lenders measure risk more accurately and extend credit with greater confidence. The score is available now at Círculo de Crédito's Peruvian licensee.
FICO built the score by applying its advanced predictive analytics and unmatched expertise of credit patterns to data on millions of Peruvians. FICO data scientists studied hundreds of possible variables to build the model, which has performed extremely well in rigorous validation testing.
"Peru joins the more than 20 countries worldwide to benefit from the FICO Score's unparallelled risk assessment," said Jim Wehmann, executive vice president of Scores at FICO. "As always, we have performed the most extensive research possible on Peru's credit patterns to deliver the FICO Score built exclusively for this market. Together with Círculo de Crédito, we are expanding the FICO Financial Inclusion Initiative to Peru, helping lenders gauge credit risk more accurately, which allows them to make more credit available to more people profitably."
The FICO® Score is the world's leading credit score, and the standard measure of US consumer credit risk. More than 10 billion FICO Scores are purchased each year by lenders. Last year, FICO announced the FICO Financial Inclusion Initiative, aimed at improving access to billions of consumers worldwide.
"This is the first time lenders in Peru have had access to the FICO Score," said Juan Manuel Palmieri, director at Círculo de Crédito. "We are proud to work with our partners FICO to bring this global risk standard to Peru. Together, we are giving a powerful tool to the nation's credit risk management, which will in turn open new doors for Peruvians and help bolster the fifth largest economy in South America."
Círculo de Crédito has more than 2,600 clients in different sectors, including financial institutions, retail, microfinance, telecommunications and government institutions. The credit bureau offers customer data, value-added products such as scores, and customized solutions. FICO and Círculo de Crédito recently announced the launch of the FICO® Extended Score in Mexico.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 170 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
Learn more at www.fico.com.
FICO is a registered trademark of Fair Isaac Corporation in the US and other countries.
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