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Are New FICO Credit Score on the Way?

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.

 

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.