# FICO and EFL Partner to Extend Access to Credit for “Unscoreable” Consumers and Entrepreneurs in Multiple Markets Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2016-10-26 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: FICO & EFL Global Partner to Expand Credit Scoring Meta Description: FICO expands credit scoring options with EFL's psychometric technology for emerging markets outside the US, unlocking economic opportunities for millions. URL: https://financedigest.com/fico-and-efl-partner-to-extend-access-to-credit-for-unscoreable-consumers-and-entrepreneurs-in-multiple-marketshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/hand-and-touchscreen-techno-1736844412952-compressed.jpg) _As part of FICO Financial Inclusion Initiative, new licensing agreement can help millions of consumers in emerging markets gain access to credit_ **HIGHLIGHTS:** - FICO is announcing a strategic partnership with **EFL Global,** a pioneer in psychometrics and alternative data for credit decisions, to make this technology available to FICO clients to help them safely and efficiently provide access to credit to millions of previously unscoreable consumers in markets outside the US. - This increased access to [credit will unlock new economic](https://www.financedigest.com/addressing-the-credit-gap-to-unlock-economic-growth-in-africa.html "Addressing the credit gap to unlock economic growth in Africa") **opportunities** for lenders and some of the 3+ billion consumers who remain unbanked or underbanked worldwide. - This effort is part of the FICO Financial Inclusion Initiative [globally](https://www.financedigest.com/allianz-trade-wins-global-banking-finance-reviews-best-trade-credit-insurance-company-asia-pacific-2022.html "Allianz Trade wins Global Banking & Finance Review’s Best Trade Credit Insurance Company Asia Pacific 2022"). - The initial focus of the partnership will be in **Turkey, Russia and Mexico**. For more information: [www.fico.com/financialinclusion](http://www.fico.com/financialinclusion) As part of its FICO Financial Inclusion Initiative, analytic software firm FICO today announced a **strategic partnership with EFL Global** to expand [credit scoring](https://www.financedigest.com/how-to-raise-my-credit-score-40-points-fast.html "How to raise my credit score 40 points fast") options for lenders and consumers in markets outside the US. FICO will offer EFL’s psychometric scoring alongside its own [credit](https://www.financedigest.com/12-things-that-dont-hurt-your-credit-score.html "12 Things That Don’t Hurt Your Credit Score") scoring products in global markets, with the initial focus on Turkey, Russia and Mexico. “We estimate that more than 3 billion consumers globally could gain access to [credit at affordable rates if there were an effective way](https://www.financedigest.com/4-ways-to-get-a-bad-credit-loan.html "4 Ways to Get a Bad Credit Loan") to assess their ability and willingness to repay loans,” said **Jim Wehmann, EVP of Scores at FICO**. “EFL has over a decade of experience in research and scoring [consumers and small businesses](https://www.financedigest.com/is-spring-really-in-the-air-heightened-consumer-confidence-may-not-be-enough-this-season-for-small-businesses.html "Is Spring Really in the Air? Heightened Consumer Confidence May Not Be Enough This Season for Small Businesses") with no credit history in 30 countries. Combining this with FICO’s credit scoring expertise and market reach takes us another step closer to helping people to lead better lives, which also can have a positive [impact](https://www.financedigest.com/impact-com-announces-partnerships-experience-event-ipx-bringing-together-all-players-in-the-partnership-economy-and-featuring-special-guest-trevor-noah.html "impact.com Announces Partnerships Experience Event, iPX, Bringing Together All Players in the Partnership Economy and Featuring Special Guest Trevor Noah") on the economy.” **Psychometrics** is a scientific means of evaluating a consumer’s stability and willingness to repay their [loans](https://www.financedigest.com/ant-group-starts-to-differentiate-consumer-loan-business-jiebei-from-bank-loans.html "Ant Group starts to differentiate consumer loan business Jiebei from bank loans") based on validated consumer contributed data via a survey process. EFL’s psychometric scoring technology was born out of more than a decade of empirical research, initially at Harvard, and validated by over a [billion dollars of lending](https://www.financedigest.com/hsbc-launches-1-billion-lending-fund-for-female-entrepreneurs.html "HSBC launches billion lending fund for female entrepreneurs") across the world. In the past five years, EFL’s innovations have expanded the horizon of [alternative data](https://www.financedigest.com/the-quest-for-alpha-in-alternative-data.html "The Quest for Alpha in Alternative Data") for credit decisioning. “EFL’s [pioneering psychometric scoring technology](https://www.financedigest.com/adnami-to-receive-six-figure-sum-of-investment-from-danish-government-in-recognition-of-its-pioneering-technology-and-strategy.html "Adnami to receive six-figure sum of investment from Danish government in recognition of its pioneering technology and strategy") has enabled lenders to disburse loans to worthy consumers and SMEs worldwide,” said **DJ DiDonna, cofounder and chief strategy officer at EFL**. “FICO and EFL have complementary products and a shared focus on helping consumers and [small businesses](https://www.financedigest.com/top-benefits-of-invoice-discounting-for-small-businesses.html "Top Benefits of Invoice Discounting for Small Businesses") gain access to credit. We are thrilled that EFL and FICO can work together to help information-scarce households and entrepreneurs gain [access to affordable](https://www.financedigest.com/hair-care-shouldnt-break-the-bank-transplant-surgery-should-be-accessible-and-affordable-for-all-men.html "Hair-Care Shouldn’t Break The Bank – Transplant Surgery Should Be Accessible and Affordable For All Men") credit.” The **FICO Financial Inclusion Initiative** aims to help lenders make affordable credit [available to the estimated 3+ billion unbanked and underbanked adults worldwide](https://www.financedigest.com/meet-appyfair-the-long-awaited-french-leader-of-virtual-and-hybrid-events-is-now-available-worldwide.html "Meet AppyFair: the long-awaited French Leader of virtual and hybrid events is now available worldwide"). These “credit invisibles” benefit from credit scores that leverage [multiple data](https://www.financedigest.com/how-to-navigate-multiple-data-privacy-regulatory-frameworks.html "How to navigate multiple data privacy regulatory frameworks") sources to assess credit risk and assist responsible lending. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---