<transcript><audio_39>testing into their unscored population and so basically everyone who didn't have a FICO score whose identity they validated they loan to this lender</transcript><transcript><audio_40>overall had a 10% charge off rate right um they are most expensive loans charged off at 24% okay pretty typical the</transcript><transcript><audio_41>population of unscored people charged off at 14% so four percent more than the average of people with FICO scores and so the the lesson to the lender was you know if you simply took all those people</transcript><transcript><audio_42>who didn't have scores and you gave them your most expensive loan they would outperform all the people you're loaning to at your most expensive rate that to me is one of the most important findings</transcript><transcript><audio_43>that we've seen because the fact that people don't have credit scores does not make them high risk it makes them unknown risk and if you can look at data</transcript> testing into their unscored population and so basically everyone who didn't have a FICO score whose identity they validated they loan to this lender overall had a 10% charge off rate right um they are most expensive loans charged off at 24% okay pretty typical the population of unscored people charged off at 14% so four percent more than the average of people with FICO scores and so the the lesson to the lender was you know if you simply took all those people who didn't have scores and you gave them your most expensive loan they would outperform all the people you're loaning to at your most expensive rate that to me is one of the most important findings that we've seen because the fact that people don't have credit scores does not make them high risk it makes them unknown risk and if you can look at data
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