Webinar: Why FICO MattersApril 5, 2019
NSBA members are invited to participate in a webinar entitled, “Financial Innovation and FICO Score: What Does it Mean for Small Business and Consumers” on Wednesday, April 17 at 1:30 p.m. EDT.
During the webinar, small-business owners will have a chance to learn more about how FICO scores work, the data that drives the calculation and what steps business owners can take to positively impact their credit scores and enhance their financial health. The webinar will feature Joanne Gaskin, Vice President Scores and Analytics at FICO who oversees FICO Scores regulatory practice and is responsible for the strategic direction of FICO’s analytic solutions and partnerships serving the mortgage industry and capital market space.
The prospect of getting financed as a small business is very difficult simply due to the fact that many small businesses lack the assets necessary for a traditional bank loan, making them a riskier lending option for banks. Because small firms are so closely tied to the financial well-being of the owner, any kind of negative mark on the owners’ FICO score can spell disaster for the small firm.
Historically, credit scoring has been limited to the underwriting of consumer loans and home mortgages. More recently, however, lenders rely heavily on the credit score of the small-business owner, and believe it is highly predictive of the loan repayment prospects of the business.
Yet, credit scoring may alter small-business lending in three areas: the interaction between borrowers and lenders, the pricing of loans and the availability of credit. NSBA has been urging Congress to enact legislation to address the problem many small-business owners face with banks’ overreliance on credit scores, and urges regulators to seek alternative methods of evaluating the soundness of loans when it comes to small businesses.
This briefing will provide small business owners and consumers with the opportunity to expand their knowledge and get their questions answered by a FICO credit score expert. The webinar is being sponsored by NSBA partner, the Small Business Roundtable.
Space is limited – click here to register.