Skip to main content

FICO to Update Credit Score

Phil Hall
Jan 24, 2020
Photo credit: Getty Images/Doucefleur

FICO is updating its credit score with the release of FICO Score 10 Suite, to be made available this summer. 
 
According to the company, the new product “gives lenders unparalleled flexibility and predictive power to make more precise lending decisions” by incorporating trended credit bureau data that considers a wider data mix including as account balances for the previous 24 months. FICO added the new offering would result in a 17 percent reduction in mortgage defaults to the version of the FICO Score now being used.
 
"Clients value the dependability and industry-leading predictive power of the FICO Score," said Jim Wehmann, executive vice president for Scores at FICO. "FICO is a cornerstone for consumer lending decisions. We continuously innovate using the latest, most robust data, while maintaining consistency with previous models to ensure backward compatibility and minimize operational changes required to adopt a new score."
 
Wehmann added that the creation of the new offering comes in response to feedback from lenders.
 
"Many lenders want to leverage the most comprehensive data possible to make precise lending decisions," he continued. "By offering a score that taps further into trended data, we're able to give lenders greater flexibility and predictive power, as well as ease of integration."

 
Published
Jan 24, 2020
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021
Automating Appraisals No Panacea For Removing Bias

With racism 'grandfathered in' to housing prices in minority neighborhoods, a solution to 'unconscious bias' is difficult to find

Industry News
Oct 21, 2021
Reports: Evergrande Group Arranges Bond Extension

Reuters, REDD say company's billionaire chairman has agreed to provide additional collateral to ensure a construction project tied to a $260M bond is completed.

Industry News
Oct 21, 2021
New American Funding Hires Regional Manager

Mark Tribuna will lead effort to expand company's partnership with affordable nonprofit builders in mid-Pacific region

Industry News
Oct 21, 2021
Rocket Pro Announces Initiatives To Boost Brokers

Company brings Rocket Tech, the Rocket Network and Rocket Marketing to mortgage brokers across the country

Industry News
Oct 19, 2021