Arvest Bank adopts FICO 10 Auto Score system for car loans

Arvest Bank has adopted the FICO 10 Auto Score system for its vehicle lending operations, according to reports from The Arkansas Democrat-Gazette, Yahoo Finance, Talk Business & Politics, and MarketScreener. The financial institution is upgrading its indirect lending setup to use the new scoring model. [1][2][3][4]

The Arkansas Democrat-Gazette reported that the transition allows the bank to better differentiate risk among consumers who are seeking auto loans. Arvest Bank stated that the system update will make auto loans more available to car buyers. [1]

Arvest Bank is headquartered in Bentonville, Arkansas, and operates branches across Arkansas, Kansas, Oklahoma, and Missouri. It is the oldest bank in Arkansas and ranks among the largest banks in the United States. The company is almost entirely owned by the Walton family, with Jim Walton serving as the chairman. [1][5]

The bank originated in 1961 when Walmart founder Sam Walton and his wife Helen purchased The Bank of Bentonville for approximately $300,000. At the time of that purchase, the bank managed $3.5 million in deposits and served fewer than 1,000 customers in a rural Northwest Arkansas community. [6]