ࡱ> 5@ ]bjbj22 XXUkkkkl6l<0h~m~m~m~m~mYnYnYn)++++++$ROoYnYnooO~m~md2:t:t:tov~m~m):to):t:tPtgt~mrm йgkkDpR^409JtptvtYn0n":tnnYnYnYnOONR$$tRFICO Scoring Leaders Guide Materials Needed: Index Cards Participant Slides Handouts Pre-Test Myth & Fact Cards Pie Chart Activity Americas Scores Activity Stop and Go Signs Activity Objectives: State the reasons for the development of FICO scores. Describe how credit reports are created. List the five biggest factors affecting a FICO score. Refute common myths about FICO scores. Explain the upcoming changes for FICO 08. Time ActivityInstructions5 minutesWelcomeAdvise participants that they are in class to learn more about FICO scores. Specifically they will learn about the history, development and utilization associated with FICO scores. There are many credit scoring systems available to lenders now, but we will focus exclusively on FICO today. MEFCU uses a hybrid of the FICO score by taking FICO and having adjustments made for variables we want to heavily weight such as length of employment. Review the objectives with the participants on slide 2.5 minutesPre-Quiz Have participants answer the questions on the pre-quiz to see how much they already know about FICO scores. Tell the participants that we will go over the answers throughout the presentation today. If there any questions at the end of the session about the quiz, we will address them. 5 minutesSlide 3 Slide 3 How Credit Scores Came About In 1956, Fair Issac was founded. Bill Fair, an engineer, and Earl Isaac, a mathematician, found them firm. Over time they convinced lenders that mathematical formulas could do a better job of predicting whether an applicant would default than loan officers could. Formulas eliminated bias. Applicants would not be discriminated against for protected reasons. Bad risk would not be accepted because of personal relationships. Greater efficiency Scoring allowed decisions to be made in minutes as opposed to days or weeks. Individual formulas Early on, lenders were creating proprietary formulas tailored to their tolerance for risk, history with different types of borrowers, and the kind of people it wants as customers. For example, some calculations took income, occupation, length of time at employer, and longest duration of a late payment incident. The cost of formula development was close to $100,000 and took nearly 12 months to set one up. Rise of credit reporting agencies Different formulas were needed for different types of lending. This led to scores being based on the biggest lending databases Equifax, Experian, and TransUnion. Fair Isaac developed the first agency-based scoring model in the 1980s and the idea quickly caught on. Instead of basing decisions on a single lenders experience, millions of borrowers behavior patterns could be considered. The model also allowed for risk-based pricing and pre-approved direct soliciting to emerge. 5 minutesSlide 4Slide 4 How Scoring Changed the Industry Consumer lending exploded in the 1990s. Lenders were more confident making loans to wider groups of people because they had a more precise tool for measuring risk. Decisions could be made faster which enabled lenders to make more loans. Advances in computer technology were significant. The internet began growing in popularity. The total volume of consumer debt (non-mortgage) more than doubled between 1990 and 2000 to $1.7 trillion. Freddie Mac and Fannie Mae bless FICO. In 1995, the two biggest mortgage finance agencies recommended that lenders use FICO scores. Because Freddie and Fannie purchase more than 2/3 of the mortgages made, their recommendations carry a huge weight. Consumers demand to know more about FICO. Mortgage loan applications are a very lengthy process which requires more personal interaction with the lender, so conversations many details about an applicants credit profile. Applicants were learning that their applications were being denied because of the three-digit FICO number Fair Isaac demanded that the formula be kept secret so that consumer could not try to work the system The statistical relevance of the formulas could be jeopardized if people started altering behavior to fit a profile Many lenders tried to appease their customers being explaining the details, but they were wrong and this lead to many rumors which are still floating around today. The cat gets out of the bag. In 2000, E-Loan, the new breed of internet lender, defied Fair Isaac by letting applicants see their FICO scores. Fair Isaac revoked E-Loans access to FICO scores, but the damage was done. Consumer advocates began lobbying Congress to intervene, but before they acted in 2003, FICO created a joint venture with Equifax to make reports and scores available for a fee. 10 minutesSlide 5 STOP!!! For VIDEO CLIPSLIDE 5 Where does the credit report come from? The process Consumer Consumer pays bills, makes requests for credit, and manages finances. Creditors Accept the payments and reports to the local credit bureaus with which they have agreements. Local bureaus Can be for-profit companies or not-for-profit associations of lender members in specific geographic areas. They solicit lenders to join their network. The lender supplies the bureau with information and credit experience on consumers. The bureau allows participants to retrieve information to use on making credit decisions. National Credit Reporting Agencies Local bureaus usually belong to one of the three large national reporting agencies. The national agency gathers data from the local bureaus whenever a credit report request is made. The data is compiled by accessing its network of local bureaus. The report is then forwarded to the requestor. The National Agencies are competitors of each other and normally do not share information. This is why different agencies will have different reports on the same individual. SHOW THE SUZE ORMAN VIDEO CLIP ON FICO SCORES 10 minutesSlide 6 SLIDE 6 How do we get a credit score? Agency gathers from the bureaus then does calculations The big three will pull from their local bureaus electronically to assemble a credit report. From that report, the agency will apply the formula used to develop the credit score. Lots of variables There are many variables that go into creating the score. No one really knows the complete intricacies of what makes each formula work. Lenders will even take the credit score received and sometimes apply their own in-house formula that may punish or reward certain behaviors more heavily than FICO does. Some lenders call these home-grown scores a FICO score, but technically this is not correct. A true FICO score has a range of 300 850. Confusion for customers and lenders Mortgage brokers have reported people shopping for loans the same day when a bank reported one score from an agency and the mortgage broker got a score 30 points lower from the same agency. FICO will only say that there are different types of credit reports and different scores accordingly. Grouping of customers (scorecards) Customers do not simply receive a FICO score based on their personal handling of finances. Rather, customers are grouped in one of ten known (possibly more) scorecards. Bankruptcy or no bankruptcy Limited history or significant history Recent credit applications or not Scorecards allow the formula to give different weights to the same information. Customers are then judged against others in their category. For example, best of the bankrupts. One customer reported having $51,000 in credit card debt with a FICO score of 710. After paying $17,000 of the debt off in a few months, her score climbed to 726. A few weeks later, her score dropped to 686. This customers bankruptcy came off her credit report. Instead of being the best paying among customers with a bankruptcy, she had become a mediocre customer when measured against people with no bankruptcy listed. 10 minutesSlide 7 STOP & Hand out ACTIVITY Slide 7 What are the top 5 components of the credit score? Distribute the FICO Components Activity Have each participant complete the pie chart using percentages that they feel each item represents in the calculation of a FICO score. One point will be given for the person who is closest to the correct answer. The person who ends with the most points today will win a prize. Payment history This is about 35% of your total score. Your record of paying bills shows how responsible you are with credit. According to Fair Isaac 6 out of 10 Americans do not have a single late payment on their credit reports. When it comes to late payments, FICO considers Recency The more time that has passed since the credit problem, the less it impacts the score. Frequency One or two late payments looks better than dozens. Severity The hierarchy of badness says 30 days of delinquency is better than 60 or 90 days. How much you owe This is about 30% of your total score. The average American uses 32% of his available credit limits according to Fair Isaac. Using higher percentages of your limits can hurt your score the higher the gap between your charged amount and your limits the better. Even if you pay your balances in full every month, lenders report on one day each cycle. If they show you have a $2000 balance on a $4000 credit card, you are at 50% capacity regardless of paying the card off the next day. The score also considers how much you originally owed on installment loans compare to what the balance is today. Paying down the balances tend to help a score. How long youve had credit This is about 15% of your total score. Fair Isaac says the average Americans oldest account is 14 years-old. The score will consider both: The age of your oldest account. The average age of all of your accounts. 5 minutesSlide 7 (contd)Your last application for credit This is about 10% of your total score. Fair Isaac says the average American has not opened an account in 20 months. The score will consider: How many accounts you have applied for recently. How many new accounts you have opened. How much time has passed since you applied for credit. How much time has passed since you opened an account. The types of credit you use This is about 10% of your total score. Fair Isaac says at you do not have to have both revolving and installment loans to have a good score, but you do need a mix of both to get the highest possible scores Fair Issac says that the average American has four or five bankcards and at least one installment loan showing on their credit report. Major bankcards tend to be better for your score than finance company cards like department store cards. Installment loans tend to require more documentation and scrutiny, so they tend to reflect better for your score. 15 minutesSlide 8 STOP!!!! Hand Out Activity Slide 9 STOP!!!! Ask Question Slide 8 Caution results may vary Scores vary agency to agency Each of the agencies will gather and report data differently Some agencies may not have all of the information that another one does Scores vary from lender to lender As we discussed earlier, lenders can add their own calculations, data emphasis, etc. to the score and information received from the agencies. Different editions of FICO Just as everyone does not update to the most recent edition of a computer program, lenders are not always first with the latest edition of the FICO formula. For instance, previous editions of FICO counted participation in debt management programs negatively, now it is considered neutral. Distribute the Americans and FICO Scores Acitivity. Tell the participants that they are to select which range of scores they feel has the largest percentage of American by placing a check in the column next to that range. Any one getting this correct will receive three points. If you are one range away, you will receive one point. Slide 9 So what do Americans have for scores? Review the chart showing the percentages of scores in various ranges. Key points to cover: The majority of Americans cluster to the upper end of the range. Risk of Default Question Activity Hand out index cards to the participants. Tell them to write their name and the FICO number where they feel the risk of default falls into single digits. Guessing the number exactly will earn three points. Getting within 20 points of the number will earn 1 point.10 minutesSlide 10 Slide 11 Slide 10 Risk of Default Review the chart showing the percentages of people defaulting within their score ranges. Key points to cover: The primary purpose of FICO is to predict default risk. For borrowers with scores of 700 or higher, the risk dramatically drops. So, lenders reserve their highest rates for these customers. Many lenders also use 620 as the cut-off point for labeling a borrower as sub-prime. These borrowers may receive loans at higher rates or just be declined. Slide 11 What else can hurt your score? Collections, bankruptcies, judgments, etc. These items show that a person does not own up to their financial obligations. This is one more indication to a lender that he may not get his money back on time. Too many credit cards Lenders believe there is an optimal amount of credit for people based on their income, financial situation, etc. Too many cards leave the potential for debt to be incurred at any given time. Transferring balances If you have to open a new card to get the introductory rate, this could decrease your credit score. Putting the balance on a card with a lower limit can hurt your score because it affects your utilization ratio. Consolidating debt can affect your utilization ratio or in an installment loan create a greater monthly payment obligation. Sometimes FICO would rather see $1000 spread across five cards than a $5000 balance on a single card. Closing cards You can compound the balance transfer issue by then closing your credit card from which you moved the balance. Closing cards reduces your overall available credit ratio. It also reduces the average age of all of your accounts. High number of consumer finance company cards. These cards are not as favorable as bank cards. If this is the majority of someones credit picture, it can be a negative. 10 minutesSlide 12 STOP!!!! ACTIVITY Slide 12 FICO Myth or Fact? As we go through each of these statements, I will have you decide if you think it is a myth or a fact about FICO scores. You will raise your myth or fact card when I ask for responses. If you are correct, you will earn one point for each statement. You will not hurt your score by checking your own credit report. Fact This type of inquiry is not coded as a request for credit; therefore, it will not be counted in the FICO score. If one late payment occurs, higher FICO scores will drop further than lower FICO scores will. Fact Lenders are looking for any signs of default. The first late payment on a perfect credit history will be that sign. Reports have shown a person with a 640 drop to a 555 because of a late payment. However, a person who had a 550 only dropped to a 540. You have to pay interest and revolve a balance to get the best credit score. Myth FICO makes no distinction between the balances you pay off each month versus those you revolve. FICO simply looks at your payment history. 10 minutesSlide 12 (contd) If you disagree with an item, adding a written dispute statement to your credit report can help your credit score. Myth Federal law allows you to add such statements to your report. However, the statement is not coded, and the FICO formula only considers coded items. Do not let a $30 spat with the book of the month club or the phone company get out of hand. Work with their customer service department before it becomes a collections item. Refusing to pay out of principle can drop your credit score100 points. It is not worth it. Your closed accounts should read closed by consumer not closed by lender or they will hurt you. Myth Many lenders never see a credit report, they simply use the FICO score. So, they would not even see these notations on accounts. However, FICO does not negatively code these accounts. FICO figures that the account was close for inactivity or default, and the default would reflect in your payment history. Credit counseling is as bad as bankruptcy for your score. Myth A bankruptcy is the single worst thing that can be done to a FICO score. Credit counseling itself will not hurt a score. But, enrolling in a credit counseling debt management plan can hurt because lenders can report you late for paying less than what is owed. Some mortgage lenders view credit counseling like a Chapter 13 bankruptcy; however, the credit counseling falls off your credit report upon completion --- the bankruptcy remains for up to 10 years. Paying off old bad debt can hurt your FICO score. True A payment on the old debt will give the account recent activity. This can make the old account look like a new problem on your credit history. The FICO formula weighs more current behavior heavier than past behavior. 5 minutesSlide 13 STOP!!!! ACTIVITY QUESTIONSlide 13 Whos Keeping Score? Lenders Most people associate this group with their credit score. The score helps you qualify for the lowest rate on loans. Insurers The majority of auto insurance companies use your score when determining your rates. The practice is common with home insurers too. A recent study showed that drivers with top credit scores could pay up to 31% more on premiums if credit was not a factor. The insurers and credit agencies found a correlation between people with lower FICO scores and the filing of claims. Landlords FICO scores are becoming essential to renting an apartment. Lower scores can require a co-signer, a high deposit, or higher rent. Distribute index cards again and ask the group the following question for points. What percentage of employers use credit reports for employment purposes? An exact answer is worth three points and an answer within 10% is worth one point. Employers. 35% of employers use credit reports for employment purposes according to SHRM. Some use it because of bonding and cash handling concerns. Cell Phone Carriers. They want to verify you can honor your two-year agreement. Some utilities pull reports and scores to see if they will activate service without a substantial deposit. 5 minutesSlide 14Slide 14 What else are scores used for? Scores have been developed from FICO for a variety of very specific reasons. And, many companies utilize these scoring models. Detecting fraud Credit and insurance applications can be reviewed for the likelihood that there is fraud involved. Estimating profit A credit card issuer can predict the amount of profit he might receive over the life of a card. Predict bankruptcy This is a score that MEFCU uses in assessing loan applications. It will show how likely a member is to file bankruptcy. Estimate payments on delinquencies Collectors can use this to determine if collections are even worthwhile on an account. Credit agencies will also sell the names and contact information for past and current neighbors so that creditors can see if they have current contact information for the debtor. Anticipate likelihood of responding to a credit card offer Credit card companies can tailor their offer to what may be of interest to specific consumers using this score. They can save on mailing costs by only sending the offer to those they think will respond. 5 minutesSlide 15 Slide 15 What is the true cost? These rates are simply examples and assume both ladies will be in their homes for 10-years or refinance the loans. The numbers do not take into account the lost income Sally would have realized with the extra money she was paying lenders if she could have invested those funds. Even if Sally did not invest the money, she could have put it towards other items like cars, education for kids, etc. This would have reduced her need for loans for those items. 5 minutesSlide 16Slide 16 What is FICO 08? Experian and TransUnion expect to adopt the rules by this summer. Equifax has yet to commit to the updates. Occasional mistakes hurt less. If you are generally in good standing with a credit history of 10 years or more, one big mistake from a while back such as a 90 day late payment will not hurt your record as much as it used to. These slips are called isolated delinquencies. Routine late payments will still hurt as before. Shopping around is not as negative. Multiple credit inquires in a short period wont do as much damage. They are weighted less heavily in determining the score. Lenders have wanted to perpetuate the myth of hurting your score by rating shopping to prevent you from looking for the best deal. FICO counts all auto and mortgage related inquiries in a 14-day period as one inquiry. Also, any auto and mortgage inquiries created in the 30 days prior to the score creation are ignored. So, try not to drag out the shopping process longer. Different types of credit really help. The new rules reward borrowers with a strong combination of revolving and installment debt. Keep balances low by spreading them around. Balances near their limits will cause scores to be reduced by several points. The new system interprets getting close to your limit as a sign of bad debt management. 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