FICO Introduces FICO Score 10 in Canada
Newest FICO® Score Outperforms Prior FICO® Scores,
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
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.
“FICO is trusted by financial institutions in
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.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in
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