Newest FICO Score Outperforms Prior FICO Scores, Providing Greater Predictive Power for Precise Credit Risk Decisions
FICO, a leading analytics software firm, announced its latest release of its flagship FICO Score, FICO Score 10.
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@FICO introduces its latest release of FICO Score 10 in Canada today. FICO® Score 10 promotes continuity, ease of use, and stability for lenders and investors, designed with a scoring scale similar to prior versions.
With FICO® Score 10, a lender could gain as much as 10 percent predictive lift over prior FICO Scores. Predictive risk is improved by optimizing the model and incorporating new characteristics based on recent credit risk trends, utilizing an enhanced collections treatment that excludes paid collections debt entirely, and adding a new scorecard that helps increase predictive power across segments. These improvements can help lenders safely avoid unexpected credit risk and better control default rates, while making more competitive credit offers to more consumers.
For more than 20 years, the FICO Score has been an integral part of the lending process in Canada by providing trusted credit scoring tools for risk management in partnership with Equifax Canada and TransUnion Canada. Built with FICO’s deep analytic expertise, the new FICO Score gives lenders unparalleled predictive power to make more precise lending decisions.
FICO Score 10 promotes continuity, ease of use, and stability for lenders and investors, designed with a scoring scale similar to prior versions. Plus, FICO Score 10 preserves the trusted and proven FICO Score minimum scoring criteria, which enables a consistent and objective measure of an individual’s credit risk.
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“FICO is trusted by financial institutions in Canada and across the globe to deliver dependable and industry-leading credit scoring solutions,” said Kevin Deveau, vice president and general manager, FICO US and Canada Sales. “FICO Score 10 is the culmination of our continuous innovation, using recent data with the goal of providing lenders unprecedented predictive power, as well as ease of integration.”
FICO® Score 10 was created to provide a more precise assessment of consumer credit risk on all credit product lines – including mortgages, auto loans, credit cards and personal loans – and can be used across the entire customer credit lifecycle, from originations and account management, all the way through early-stage collections. The new FICO® Score will be available to lenders through the Canadian credit reporting agencies this Spring.
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