Jim Caniglia is the Senior Vice President and the Consumer Risk Officer at UMB Bank. Jim is a results focused executive with leadership experience in financial services, payment solutions, credit administration, and risk management. He is a versatile and engaged leader focused to create effective teams who achieve results, improve profitability, while balancing risk and reward. Jim has a varied background, including deep experience in the credit lifecycle, risk management, product development and credit operations.
Let's say you’re someone who pays your credit card off in full for nine months of the year, and around Christmas use your card heavily and then carry a balance for three months. If you’re scored on credit during that three months, it’s going to be lower than it would be otherwise because you look like a heavy user of credit at that moment in time. But the FICO 10T will look at the entirety of the past 24 months and then see that you’ve consistently paid it off in full. So it’s different. We have to integrate the new scoring system into our loan origination system and then on the back end for our portfolio management system. So there are multiple points of integration, and it’s a big task. It’s not something that’s trivial to do, so the adoption typically starts slow.3 October 2021