  Newest FICO Score now available from TransUnion to help lenders improve risk management, make best decisions throughout consumer credit lifecycleFICO announced the availability of FICO® Score 9 from TransUnion for lenders and other businesses. Due to refinements in risk analytics behind FICO Score 9, more consumers are expected to score in the higher score ranges that lenders generally require, enabling lenders to approve loans to millions more qualified consumers while keeping their portfolio risk level steady.This new version of the FICO® Score also introduces a more nuanced way to assess collection information that appears on the consumer’s credit report, bypassing paid collection agency accounts and offering a sophisticated treatment differentiating medical from non-medical collection agency accounts. This will help ensure that medical collections have a lower impact on the score, commensurate with the credit risk they represent.FICO has used sophisticated modeling techniques to make the new FICO® Score 9 even more predictive of a consumer’s likelihood to repay a debt than previous versions. This new version of the FICO Score, the industry-standard measure of U.S. consumer credit risk, captures recent consumer behavior to give lenders better risk assessments across the credit lifecycle and all credit products. In addition, FICO Score 9 includes a better way to assess the risk of consumers with limited credit history – so-called “thin files.” |
Source: FICO Press Release
