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: http://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.
Latest posts by Kevin Fallon McCarthy (see all)
- Public Servants’ Second Chance at Federal Student Loan Forgiveness - April 10, 2018
- CREDIT CARD LOSS FOR SMALL BANKS AT AN EIGHT YEAR HIGH - March 22, 2018
- Rise of the Jumbo Student Loans - March 17, 2018
- Credit Card Market: Now and Then - February 23, 2018
- Make Your Credit Cards Work for You - January 23, 2018
