new scoring: New FICO Model Could Help (or Hurt) Potential Buyers
- 04/06/15 11:48 PM
For years FICO scoring has been the main tool lenders have used to determine credit worthiness of potential customers. But FICO is not only used in lending as insurers, utilities, and other services consider a consumer's FICO score when pricing or granting services. Fair Isaac Company, the company behind the FICO model has been under pressure from the government to change its model to allow more consumers to access credit and they have been testing a new model for some time in partnership with 12 credit card issuers. Under the old model things like payment history for utilities, rent and cellphones were (37 comments)