That was me. Uh, my name is Ty Kumar and I'm a rising senior at Wward School. And in a high school, they teach us a lot.You know, they teach us how to derive the Mcorometric functions. We can quote McF, explain Newton's laws, and even write a half decent essay on the whole board. But a majority of us have no idea what a credit score is, no idea how to open a bank account, no idea the difference between a credit card and a debit card, let alone a compound interest.We're not financially illiterate because we' ...

In fire scarred Alpadena, rebuilding is underway. But for some, the construction doesn't tell the full story. For every house like this, oh, there there's like five like me.Okay, for real. For real. Neil Smith's entire home, including the office for his architecture business, was destroyed by the Eaton fire.So, when he heard about a state-led initiative for homeowners designed to temporarily delay mortgage payments for 90 days without penalty, what's commonly known as a forbearance, he jumped at the offer, ...

FICO's Business Performance - FICO experienced 20% growth overall, with 37% growth in the B2B portion of its scores business [4] - The scores business has demonstrated double-digit revenue and profit growth for several years [5] - FICO's volumes are approximately 40% below their peak [26] FHFA and Regulatory Issues - The FHFA (Federal Housing Finance Agency) is allowing lenders to use different credit score models for mortgages sold to Fannie Mae and Freddie Mac [2] - The FHFA director, Bill Py, has referred to FICO as a monopoly [1] - FICO 10T is technically approved by the FHFA, but its implementation timeline is not the same as Vantage [19] - Concerns exist regarding the safety and soundness of the FHFA's approach [20] FICO 10T vs VantageScore - FICO 10T outperforms FICO Classic, with 18% fewer credit defaults [13] - FICO maintains over 90% market share in markets outside of government mandates [17] - In the non-conforming mortgage market, $313 billion in originations have been done with FICO 10T [18] - FICO scores cost $4.95 out of $6,000 in mortgage closing costs [21] FICO Classic and Market Stability - FICO Classic has been used for the last 20 years and is highly optimized [11] - The industry has models built on FICO Classic, and regulators use it for capital adequacy assessments [12] - FICO Classic has been stress-tested through the 2008 downturn [23][24]

Credit Score Bureau FICO in the hot seat lately after Bill Py, the director of the Federal Housing Finance Agency, took aim at the company in a barrage of posts on social media, saying in one quote, "FICO and other monopoly, who has ripped off Americans for decades, should not be used using improper efforts to threaten regulators. The company's stock is down more than 20% so far this year." FICO CEO William Lancing joins us exclusively now. I mean the this is this has pressured your stock. First he started ...

In June, the Fair Isaac Company, better known as FICO, announced it would be making a change to the calculation of its credit scores to now include buy now pay later loans. Here to explain what that means for your money is Yahoo Finance Banking lead editor and content strategist Casey Bond. So Casey, let's just set the table here.How is a credit score calculated. Yeah, so there are a handful of factors that go into that calculation. The most important being your payment history.So, paying your bills on time ...

Consumer Spending & Demand - The company is seeing good demand and strength in consumer spending, with growth in the high 30s percentage year-over-year [1][2] - Consumers' shopping patterns, borrowing, and ability to pay back loans remain strong [2] - The company is witnessing a shift from revolving credit to responsible payment options [7][9] BNPL & Credit Scoring - FICO's move to reflect buy now pay later (BNPL) data in credit scores is considered beneficial [3][4] - A significant percentage of people who haven't tried BNPL services feel it doesn't reflect their repayment history or help build their credit score [3] - The company has been reporting transactions to credit bureaus since 2017, demonstrating responsible repayment behavior by customers [4] - The company encourages the rest of the BNPL industry to participate in reporting to credit bureaus [5] Business & Industry Trends - Elective medical services are becoming a component of the company's volume, indicating a shift in BNPL usage [8] - The company expects continued strength and is optimistic about the second half of the year [10] - Consumers are apportioning their money and seeking fixed payment timelines for a sense of control and confidence [10]