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Fair Isaac developed the FICO score, which is used extensively in the U.S. as a means of gauging the creditworthiness of consumers.
According to the two firms, NBKI credit data enabled Fair Isaac analysts to configure the FICO Score for the Russian market in order to meet Russian lenders' "growing demand for predictive analytics that assess consumer credit risk with a high degree of precision."
NBKI said that the new FICO Score allows Russian banks to give access to credit to consumers who would in the past have been declined credit while better identifying risky consumers who are likely to be unable to repay credit.
Moscow-based National Bureau of Credit Histories was established by Russian banks. According to the company, one third of all Russian credit histories are stored at NBKI.
Minneapolis-based Fair Isaac offers advice, analytics and applications designed to enable organizations to increase customer loyalty and profitability, cut fraud losses, manage credit risk, and meet regulatory and competitive demands. The company has clients in eighty countries.
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