Are New FICO Credit Score on the Way? | McCarthy Law PLC
March 13, 2014

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:

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.


Get More Information