{"id":1617,"date":"2021-08-16T10:00:03","date_gmt":"2021-08-16T14:00:03","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1617"},"modified":"2024-04-25T23:19:28","modified_gmt":"2024-04-26T03:19:28","slug":"is-the-fico-score-obsolete","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/is-the-fico-score-obsolete\/","title":{"rendered":"Is the FICO Score Obsolete?"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\"><em>Seeking Inclusivity and Fairness Through\nAI<\/em><\/h1>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/is-the-fico-score-obsolete-1.jpg\" alt=\"Parent and child sitting on a couch looking at a computer in a cozy looking house.\" class=\"wp-image-1619\" width=\"362\" height=\"242\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/is-the-fico-score-obsolete-1.jpg 482w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/is-the-fico-score-obsolete-1-300x200.jpg 300w\" sizes=\"auto, (max-width: 362px) 100vw, 362px\" \/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Great news: Eighty percent of U.S. residents have <a href=\"https:\/\/www.upstart.com\/about#credit-limits-2\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">never defaulted on their loans or credit lines<\/a>. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Not-so-great news: Prime credit is out of reach for most of\nthem. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What this means: Better credit assessments could help\nlenders approve many more borrowers than they do today \u2014 and with better\nlong-term repayment success. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What will it take to make this happen? Could artificial\nintelligence widen the path to mortgages and home ownership? Some industry newcomers\nare working on it. <\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Credit Sector Shakeup <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">For decades, the FICO Score\u00ae from the Fair Isaac Corp. has gated\nthe path from an applicant to a loan approval. FICO scores tend to work well\nfor people with long credit histories. This is why financial advisers often\nrecommend leaving your first credit card open forever. The scores aren\u2019t so\nhelpful, though, for young people, recent immigrants, hard workers and good\nsavers with low-to-moderate incomes. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The industry knows change is necessary. By developing new scoring models, <a href=\"https:\/\/www.myfico.com\/credit-education\/credit-scores\/fico-score-versions\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Fair Isaac is working to \u201cmeet evolving user needs<\/a>.\u201d The FICO 9 model, for example, factors in rental payments. This can help renters with limited credit histories. But many peoples\u2019 rental payments go unreported. \u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A rival model is the VantageScore, developed by credit\nreporting companies Equifax, Experian, and TransUnion. The VantageScore can\nwork with a credit profile that\u2019s at least one month old (FICO needs six\nmonths).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Artificial intelligence (AI) technology is bringing still\nmore options, and considering much more information than either FICO or the\nVantageScore. AI constantly improves through machine learning, so an AI vetting\nprocess should get fairer and more accurate with time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The leader on this scene is Upstart, created by former\nGoogle employees in 2012. Based in San Mateo, California and Columbus, Ohio,\nyet devoted to a remote hiring model, Upstart partners with local banks and\ncredit unions across the country.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Artificial Intelligence in Credit Assessments<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Upstart matches hopeful borrowers with credit unions and area\nbanks, and equips these institutions with its software. Upstart\u2019s AI model digests\nsome 1,600 data points to identify creditworthiness factors. These data points include\nthings like:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The applicant\u2019s work history. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The applicant\u2019s professional achievements,\nplans, and qualifications.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The applicant\u2019s prior banking transactions and loan\napplication data.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The applicant\u2019s credit experience.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The cost of living where the borrower will use\nthe funds. <\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Assessments are done in just a few moments. The AI model\napproves 86% more near-prime applicants (people with scores from 620 to 660)\nthan the FICO models do. Obviously, that\u2019s welcome news for applicants with\ntraditional credit scores in the 600s, who have struggled in vain to get loans\nand credit approvals. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But the banks also stand to benefit. This is because banks that\nadopt AI technology in their creditworthiness assessments can approve more applicants\nwho will repay their loans as promised.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In other words, banks using AI can make more money.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>\u261b<\/em><\/strong><strong><em> Applying for a mortgage? Deeds.com has\ntips on strengthening your credit profile. <a href=\"https:\/\/www.deeds.com\/articles\/applying-for-a-mortgage-get-the-facts-on-credit-scores-and-how-to-improve-yours\/\">Get\nthe Facts on Credit Scores \u2014 and How to Improve Yours<\/a>.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Lenders Embrace a New Method<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Upstart has been steadily winning over lenders. To name some\nhighlights:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>In February 2021, Associated Bank, with more\nthan 200 branches, decided to integrate Upstart\u2019s software into its own web\npresence. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>As of May 2021, the Ohio-based Telhio Credit\nUnion also works with Upstart. Telhio likes the all-digital, customer-focused\nmodel, and was ready to move beyond a dependence on traditional scoring methods\nand debt-to-income ratios in loan applications.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Perhaps most notable of all, <a href=\"https:\/\/www.forbes.com\/sites\/tomtaulli\/2021\/08\/13\/upstart-can-ai-kill-the-fico-score\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">one of Upstart\u2019s partnering banks recently removed the FICO score <\/a>from its assessment process.\u00a0It\u2019s a strong signal of confidence in the role of AI.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">How, you might be wondering, does the federal government feel about all this? It\u2019s looking good on that front. The risk of regulatory interruptions are low, as the Consumer Financial Protection Bureau (CFPB) <a href=\"https:\/\/www.consumerfinance.gov\/about-us\/newsroom\/consumer-financial-protection-bureau-issues-no-action-letter-facilitate-use-artificial-intelligence-pricing-and-underwriting-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">issued Upstart a <\/a><em><a href=\"https:\/\/www.consumerfinance.gov\/about-us\/newsroom\/consumer-financial-protection-bureau-issues-no-action-letter-facilitate-use-artificial-intelligence-pricing-and-underwriting-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">No Action Letter<\/a><\/em> affirming it \u201cwill not bring a supervisory or enforcement action\u201d considering the potential consumer benefits from AI. One of those benefits is the potential of AI to improve the fairness of the loan approval process.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Busting Bias <\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/busting-bias.png\" alt=\"Image of the word Approved written on a glass board in green by a hand holding a green pen.\" class=\"wp-image-1620\" width=\"360\" height=\"239\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/busting-bias.png 480w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/busting-bias-300x199.png 300w\" sizes=\"auto, (max-width: 360px) 100vw, 360px\" \/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">A congressional task force recently held&nbsp;<a href=\"https:\/\/financialservices.house.gov\/calendar\/eventsingle.aspx?EventID=407749\" target=\"_blank\" rel=\"noreferrer noopener\">hearings to examine machine learning and racial bias<\/a>.\nDave Girouard, Upstart\u2019s CEO, <a href=\"https:\/\/financialservices.house.gov\/uploadedfiles\/hhrg-117-ba00-wstate-girouardd-20210507.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">testified<\/a>:&nbsp;\u201cThe concern that the use of AI in\ncredit decisioning could replicate or even amplify human bias is well-founded.\u201d\n<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We have noted this before on <em>Deeds.com. <\/em>A 2019 study\nwe\u2019ve noted,&nbsp;<a href=\"https:\/\/www.nber.org\/papers\/w25943\" target=\"_blank\" rel=\"noreferrer noopener\">Consumer Lending\nDiscrimination in the FinTech Era<\/a> from the National Bureau of\nEconomic Research,&nbsp;finds \u201clenders charge Latinx\/African-American borrowers\n7.9 and 3.6 basis points more for purchase and refinance mortgages\nrespectively, costing them $765M in aggregate per year in extra interest.\u201d <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>\u261b<\/em><\/strong><strong><em> AI bias? Fair\nhousing advocates&nbsp;are addressing the problem of algorithmic discrimination.\nRead more at <a href=\"https:\/\/www.deeds.com\/articles\/black-homeownership-and-housing-amid-persistent-discrimination-new-potential-for-change\/\">Black\nHomeownership and Housing: Amid Persistent Discrimination, New Potential for\nChange<\/a>.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, can machine learning improve the situation? Evidence\nshows it can. Algorithmic discrimination is still an issue, the study shows \u2014\nbut 40% less so in AI than in person-to-person assessments. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Upstart runs fairness tests on every loan application it\nmanages. The company then turns the test results in to the Consumer Financial\nProtection Bureau on a quarterly basis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So far, the results are encouraging. In 2020, the\nalgorithmic assessment model approved at least 30% more African-American\napplicants than are approved through the industry standard. Moreover, the AI\napprovals issued notably lower interest rates along with the approvals. Among\nHispanic applicants, 27% more received approvals than with the standard norm.\nAgain, approvals came with comparably low rates. Upstart is now creating a\nSpanish-language assessment tool.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mortgages Next<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">So far, Upstart is focused on debt consolidation and personal loans, yet its vetting methods are applicable to a <a href=\"https:\/\/www.upstart.com\/about#results-to-date-5\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">range of loan types<\/a>, including mortgages. Consider the way SoFi\u00ae (Social Finance, Inc.), another California company applying AI to credit, expanded from its student loan focus to an array of services that includes user-friendly mortgage applications. There is no minimum FICO score with SoFi, either.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Speaking of SoFi, it\u2019s earned the <a href=\"https:\/\/www.occ.gov\/news-issuances\/news-releases\/2020\/nr-occ-2020-141.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Office of the Comptroller of the Currency\u2019s conditional approval<\/a> for a national bank charter. The Federal Reserve and the FDIC are currently working with SoFi on the rigorous process of licensing the bank. Assuming all goes well with the final approval, SoFi will have authority to accept its members\u2019 deposits, and use money it holds to extend loans. This would cut out the interest charges SoFi currently pays to established banks. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, when can we expect Upstart to enter the mortgage arena?\nWe\u2019ll be on the lookout, and we\u2019ll keep our readers posted.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What\u2019s Next? AI at the Big Banks? <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s likely that AI-driven assessments could be copied and\nadopted by large banks that can afford the technical teams to do this. Meanwhile,\nlocal and regional banks can benefit by collaborating with innovators and\ntaking early-adopter positions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No matter how the changes play out, regulators need to know\nhow machine learning works. And financial AI should only be used in tandem with\na system that ensures its fairness. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Tom Taulli for <em>Forbes:<\/em> <a href=\"https:\/\/www.forbes.com\/sites\/tomtaulli\/2021\/08\/13\/upstart-can-ai-kill-the-fico-score\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Upstart \u2013 Can AI Kill the FICO Score<\/a>? (Aug. 13, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Upstart Holdings (blog): <a href=\"https:\/\/www.upstart.com\/blog\/upstart-ceo-dave-girouard-testifies-in-congress-about-ai-in-credit-underwriting\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Upstart CEO Testifies About AI in Credit Underwriting<\/a> (July 25, 2019).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Upstart Press Release (via <em>BusinessWire<\/em>):\u00a0 <a href=\"https:\/\/www.businesswire.com\/news\/home\/20210721005370\/en\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Telhio Credit Union Selects Upstart for Personal Lending<\/a>(Jul. 21, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">The Value Gap via <em>MarketWatch.com<\/em>: <a href=\"https:\/\/www.marketwatch.com\/story\/fico-scores-leave-out-people-on-the-margins-upstarts-ceo-says-can-ai-make-lending-more-inclusive-without-creating-bias-of-its-own-11627040436\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">FICO Scores Leave Out People on the Margins, Upstart CEO Says. <\/a>\u00a0Can AI Make Lending More Inclusive \u2014 Without Creating Bias of its Own? (Jul. 23, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Jon Markman for <em>The Street<\/em>: <a href=\"https:\/\/www.thestreet.com\/tech\/news\/upstartjdm081221\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Bank-Loan Disruption Boosts Upstart Stock<\/a> (updated Aug. 12, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Anna Irrera with Mark Potter (ed.) for <em>Reuters<\/em>: <a href=\"https:\/\/www.reuters.com\/article\/us-sofi-bank-charter\/fintech-startup-sofi-gets-preliminary-approval-for-u-s-bank-charter-idUSKBN27D27W\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Fintech Startup SoFi Gets Preliminary Approval for U.S. Bank Charter<\/a> (Oct. 28, 2020).<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">Photo credits: <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.pexels.com\/photo\/man-love-people-woman-4624879\/\" target=\"_blank\">Ivan Samkov<\/a>, via Pexels, and <a href=\"https:\/\/pixabay.com\/illustrations\/approved-finance-business-loan-1049259\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">InspiredImages<\/a>, via Pixabay. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Seeking Inclusivity and Fairness Through AI Great news: Eighty percent of U.S. residents have never defaulted on their loans or credit lines. Not-so-great news: Prime credit is out of reach for most of them. What this means: Better credit assessments could help lenders approve many more borrowers than they do today \u2014 and with better [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[71],"tags":[],"class_list":["post-1617","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is the FICO Score Obsolete? - Deeds.com<\/title>\n<meta name=\"description\" content=\"What will it take to make this happen? 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