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: https://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.


The following two tabs change content below.
Avatar for Kevin Fallon McCarthy

Kevin Fallon McCarthy

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.