FICO's new version more tolerant

Home loan applicants are very familiar with FICO, the popular scoring model that has a lot to do with the type of a mortgage and interest rate they could qualify for. In addition to being broadly employed in most consumer credit requests, it's today also checked in many other situations, like in employment and insurance.

FICO 08 is the brand new update of the model, warm out of the oven. It is calibrated seemingly once a year to echo what is going on in the credit marketplace, as it should be. Equifax, Experian and TransUnion, the big three, have already put their arms around it.

Please click on the link to read the entire article.