Has Fico Score Changes?

Fair Isaac Corporation (FICO) is changing how it determines your FICO Score. This change will result in higher scores for about 40 million people and lower scores for another 40 million, essentially widening the gap between those with good credit and those with poor credit.

What are the new FICO changes?

How is FICO changing? While the exact formulas used to calculate credit scores are proprietary, the new FICO score is reported to give more weight to rising levels of debt, higher debt utilization (the ratio of the amount you borrow relative to the amount of credit available to you), and late payments.

When did FICO scores change?

Introduced in 1989, the FICO® Score changed the lending landscape for good. In the days before credit scoring, people were often denied credit because there was no unbiased structure for evaluating them objectively. The system was not fair, fact-based or consistent. Enter the FICO® Score.