MINNEAPOLIS—July 22, 2009—FICO (NYSE:FIC), the leading provider of analytics and decision management technology, today announced that its FICO® 08 credit score will be available at all three national credit reporting agencies by the end of July.  FICO noted that since the first credit reporting agency introduced the FICO 08 score early this year, over 400 lenders have begun using or testing FICO 08 scores, including five of the seven largest U.S. banks and four of the five largest credit card issuers.   FICO 08 scores are expected to provide up to twice the improvement in predictive power compared to FICO’s previous revisions to its FICO® scoring model. This improvement will increase the ability of lenders to reduce losses within current portfolios and to acquire more profitable new customers. The strongest improvements in risk prediction over current FICO scores are achieved in key consumer segments such as those opening new accounts or having prior derogatory information. In addition, this newest generation of FICO scores includes refinements to help lenders better evaluate consumers who are comparatively new to credit. Source: Fair Isaac Press Release

BIIA comment:  After a long feud with the major credit bureaus, Fair Isaac appears to have buried the hatchet.  It is business as usual again?  Most likely not because in the meantime credit bureaus have developed their own scores!

BIIA Newsletter September 2009 Issue