Monday, October 22, 2018

FICO will make a major change for consumers with lower credit activity volume

Fair Isaac will make a change to FICO score calculations in early 2019, according to Anna Maria Abdriottis of the Wall Street Journal. 

FICO will consider how a consumer manages cash accounts with checks, deposits and withdrawals as well as traditional repayment behaviors.  It is believed this will improve the scores for many consumers with little credit history but stable finances.

When I worked for Chilton in Dallas in the 1980s, the colloquial name for FICO was "risk predictor". 

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