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FICO to Launch New Versions of Credit Scores

Fair Isaac Corp., the organization behind the commonly used FICO credit scores, has two new tools for lenders on the way this summer, the FICO Score 10 and the FICO Score 10 T. So reports MarketWatch.

The updates to FICO’s credit scores could amplify the differences in credit scores between people who currently have high credit scores and those who do not.

Dave Shellenberger, vice president of scores and predictive analytics at FICO, told MarketWatch the new scores will enable lenders “to make more loans to more consumers without taking more default risk.”

Read the full article from MarketWatch.

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