Círculo de Crédito, a Mexico-based credit bureau, and FICO, a US-based credit scoring company, recently implemented an updated credit scoring system to help lenders, insurers, automobile dealerships and other firms in Mexico to evaluate their customers. The companies estimate that “FICO Score 4” and “FICO Extended Score 4” will allow their clients to reach 8 million additional people with little or no credit history. The two scoring tools reportedly have performed better than previous versions of the systems by margins of 8.5 percent and 18 percent, respectively.
Founded in 2005, Círculo de Crédito provides data services to 2,600 business and government institutions in Mexico and Peru.
Established in 1956 as Fair Isaac and Company, FICO uses predictive modeling and other forms of data analysis to assist in decision making by companies in 120 countries. The firm, which is traded on the New York Stock Exchange, reports having earned net income of USD 104 million on revenues of USD 357 million during the quarter ending March 2022.
By Ben Greissman, Research Associate
Sources and Additional Resources
FICO press release
https://www.fico.com/br/newsroom/fico-launches-fico-score-4-suite-broaden-financial-inclusion-mexico
Círculo de Crédito FICO customer profile page
https://www.fico.com/en/customers/circulo-de-credito
FICO quarterly financial statements
https://www.fico.com/en/newsroom/fico-announces-earnings-3-95-share-second-quarter-fiscal-2022
FICO homepage
https://www.fico.com/
Círculo de Crédito Homepage
https://www.circulodecredito.com.mx/
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