FICO updates in bid to keep up with shifting consumer landscape

consumer loan
By Jennifer Kang
28 Jan 2020

FICO this month released a new credit scoring model that aims to keep tabs on the myriad new ways consumers are taking on debt, including keeping a closer eye on unsecured personal loans. Online lenders, though, say that FICO may be late to the game given the meteoric rise of marketplace lending and the use of alternative data that has been the norm among lenders for several years already.

It is standard practice for FICO to revise its model every five years or so, with the last adjustment dating back to 2014. The new algorithm, FICO 10, is "built with the same key ingredients as past scores", but will, for the first time, factor in whether a ...

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