- "By adopting the FICO Score 10 Suite, a lender could reduce the number of defaults in their portfolio by as much as ten percent among newly originated bankcards and nine percent among newly originated auto loans, compared to using FICO Score 9. The reduction in defaults is even higher for newly originated mortgage loans, at 17 percent compared to the version of the FICO Score used in that industry," reads a press release from Fair Isaac (FICO +0.7%).
- The company estimates that about 110M consumers will see a change to their score under the new credit score model - will be available this summer - with most people seeing less than a 20 point swing in either direction. Roughly 40M will see a shift upward over 20 points and another 40M will see a shift downward.