Certified FICO Professional (FICO Pro)

Product Code: DS-FICO-CAND, Certification Program

AllRegs Academy is pleased to introduce a new FICO National Certification program: the Certified FICO® Professional (FICO Pro). This unique program is designed to recognize those individuals who have a strong understanding of FICO® scores and how the FICO® score impacts both the lender and the consumer. The FICO Pro Certification program is available to mortgage industry professionals exclusively through AllRegs. In order to receive this certification, students must complete three required online self-study courses. AllRegs Academy is proud to be FICO’s preferred training provider in the mortgage industry.

What others are saying:

“I was very impressed with the organization and material provided in the courses. I deal with credit on a daily basis and have for the last 16 years. My primary focus in my job is to help our clients better understand credit and how they can help their borrowers. My hope in taking this course was to arm myself with as much information as possible in order to best be able to help our clients. Going forward I feel more confident now in my ability to advise our clients on credit, credit scores and important areas to consider in looking at their borrowers credit reports.”

Mindy Leisure, FICO Pro and Director of Product Development
Advantage Credit Inc.
Evergreen, CO

Participant Requirements

• Enroll in the FICO Pro certification program and pay the $205 program fee (courses included in fee);
• Agree to abide by the AllRegs Academy Code of Ethics; and
• Successfully complete the three hours of AllRegs Academy coursework with a passing score of 75% or above.

Required Coursework (Three hours)
Courses are listed in the recommended order of completion.

Exploring FICO Scores
(One hour course)
Exploring FICO® Scores is designed to teach the fundamentals of FICO® scores.  This course defines key credit terminology to clarify and highlight differences between common credit terms.  Additionally, the course identifies the information on a credit report that is utilized to calculate a FICO® score.  Students will learn the five categories of information that are considered in FICO® scores and recognize how behaviors such as inquiries, loan modifications and foreclosures, among others, may affect FICO® scores.  Furthermore, details on the latest scoring model, FICO® 8, are provided, highlighting key differentiators and resulting benefits in predictive value.  Lastly, the course identifies methods that consumers can use to manage and improve their FICO® score.
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Analyzing the Credit Report
(One hour course)
Analyzing the Credit Report is designed to review the credit report zones including trade lines, credit inquiries, collections items and public records as well as what information is found in the identifying information zone.  It explores the categories of consumer information used in determining a consumer’s FICO® score and reviews the steps to analyze a credit report for duplication and erroneous information.  Additionally, students will learn how to identify potential identity theft in a credit report.
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Communicating Credit Information
(One hour course)
Communicating Credit Information examines privacy laws designed to protect consumer’s personal financial information and consumer rights regarding access to their credit information.  In this self-study online course participants will learn how to effectively communicate the key information on reports and review useful tools for consumers when evaluating their credit score and uncovering identity theft.  Participants will also be given guidelines on how to aid a consumer in the proper steps for reporting inaccurate information and identifying the impact of FICO® scores on consumers.
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Exemptions

No exemptions will be provided.

FICO PRO Required Core Competencies

The required core competencies for the FICO PRO certification include the ability to:

• List differences between common credit terms
• Identify information used to calculate a FICO® score
• Recognize how consumer and creditor behaviors affect FICO® scores
• Identify features and benefits of the FICO® 8 Score model
• Identify methods consumers can use to manage and improve their FICO® score
• Review credit report information zones
• Analyze credit reports for duplicate and erroneous information
• Report inaccurate credit information found on credit report
• Identify potential identity theft on a consumer credit report
• Recognize privacy laws designed to protect consumer’s personal financial information
• Identify consumer rights regarding access to their credit information
• Communicate key information on credit reports to consumers
• Recommend useful tools for consumers when evaluating their credit rating

Target Audience

Lending operations staff, including:

• Underwriters
• Processors
• Closers
• Lending operations managers
• Financial institution managers
• Compliance staff
• Loan originators
• Credit risk analysts
• Credit counselors
• Builders
• Realtors

Application Process and Fees

FICO PRO candidates will need to enroll in and successfully complete the appropriate coursework from AllRegs Academy to meet their education requirements.

Certification Package Price: $205 per person includes the three required courses, application fee and certificate of program completion.

Recognition

Designees will receive the following:

• Recognition from AllRegs Academy
• Certificate of Recognition
• Recognition in industry publications
• Name on FICO PRO Graduate List on www.allregs.com
• Press kit on how to announce your certification to your company and news publications

Continuing Education Requirements

To maintain the FICO Pro certification, FICO Pro designees must complete at least 1 hour of approved FICO-based AllRegs Academy coursework each year. FICO Pro designees can choose from one of the following courses to complete their continuing education requirements:

Analyzing the Fair Credit Reporting Act
(One Hour Course)
This self-study online course focuses on FCRA – the federal law that regulates the collection, dissemination and use of consumer credit information. This course provides an overview of the act, introduces key definitions, discusses general credit information, obligations to the consumer, care of consumer information, identity theft, pre-screening and pre-approvals, civil liabilities and penalties, and adverse actions as related to FCRA.
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Reviewing Debt Collection Practices
(One Hour Course)
This self-study online course is designed to cover several topics related to debt collection practices, including the terms and definitions, and consumer protections under the Fair Debt Collection Practices Act. The course will examine the debt collectors’ responsibilities under the act, as well as debt collection under the Servicemembers Civil Relief Act. Finally, the course will examine the liabilities that exist for violating debt collection laws.
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AllRegs reserves the right to revoke anyone’s certification at any time for ethical violations, non-payment of CE fees, failure to pass CE requirements, or for not meeting any AllRegs FICO PRO requirement.

Customized Program Available

Full certification customizations are available and can include your company-specific guidelines.

Additional Resources

FICO® Press Releases:

• AllRegs Academy Offers Free Course on FICO® Credit Scores, Designed for Credit Decision Makers and Credit Counselors
• Fair Isaac and AllRegs Expand Delivery of FICO Score Training to More Lending Professionals

FICO Pro Designees

Printed Literature (Printer-friendly PDF)
Printed Literature (Large format PDF)