FICO announced that it would release its latest credit scoring model called FICO Score 9 this summer. The last time FICO released a new scoring model was FICO Score 8 in 2008. As with all credit scoring models, a credit score is an indicator for consumer creditworthiness.
The development of new score models take years and more time for lenders to adopt it. The rollout and adoption of a new credit scoring model is similar to the release of new software.
According to FICO, the new credit models under FICO Score 9 will tend to more definitively separate responsible from irresponsible credit consumers. According to Frederic Huynh, a scientist for FICO, most responsible consumers score higher on FICO Score 9 and irresponsible consumers score lower.
For the entire story read here: https://blog.credit.com/2014/03/a-new-fico-credit-score-is-on-its-way-77805/
If your credit score is low due to high debt loads, please consider scheduling a free consultation with an attorney knowledgeable in debt settlement to explore the best options to rid yourself of excess debt and improve your creditworthiness.
Kevin Fallon McCarthy
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