SubscriberWise®, the nation's first issuing consumer reporting agency for the communications industry and a leading provider of analytics-driven subscriber risk management and rules technology, announced today its intention to be among the earliest adopters of the new scoring technology from FICO. The new algorithm is designed to bypass paid collections and treat medial collections less adversely than non-medical collections.
"I've contacted FICO," said SubscriberWise president
"This is a critical scoring enhancement from FICO," said
MCTV is an end user of SubscriberWise," continued Hoffer. "Its member operators and their employees are MCTV's friends and peers. We succeed because we collaborate regularly with these operators. There are many objectives and concerns that we share in the industry. Risk management is one of the most important objectives today. We're all highly supportive of any enhancement that will benefit consumers."
"It's definitely good news -- about half of the negatives on consumers' credit reports are from medical debt," said
In a recent study, the
"We hope the fact that the
"SubscriberWise segmentation technology is developed on highly refined, industry-specific risk and selling categories. The performance period of our ratings literally spans decades," explained Howe. "The system works so well because the credit bar is set low to begin, but then identifies any positive factors that may be contained on the consumer report (i.e. absence of collections, absence of past due accounts, length of credit file). The benefit is an automatic segmentation into a more favorable decision level despite a low FICO score. This is particularly important for consumers with adverse scores," continued Howe. "It's an interesting and noteworthy fact that SubscriberWise decision technology included these redeeming technological features with the initial software build that was part of our nationwide launch nearly 10 years ago. Treating customers fairly has always been part of our vision because none of us is immune from life-events and circumstances. It's all about respect and equity. It's the only way to build positive and lasting relationships with our subscribers.
And now with these important FICO 9 enhancements, there is the potential to add up to 25 points for consumers who have been previously penalized by medical or paid collections. This net result will translate into many more favorable decision levels that will benefit operators and subscribers alike. I'm very ambitious about this FICO 9 score and want it tested and installed ASAP," declared Howe.
"As for our part here at SubscriberWise, I've directed
Yes, I expect we'll have FICO 9 integrated for every member within 30 days of release. I also expect the results will be exactly as advertised by FICO," Howe concluded.
SubscriberWise also proudly announced in July that its board member and MCTV president
SubscriberWise was founded in 2006 as the nation's first issuing CRA for the cable industry by company president
Read the full story at http://www.prweb.com/releases/2014/08/prweb12100404.htm
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