who uses fico score 9

With growing time the changes were made to Fico Credit Score. And, even if you knew your lender used a FICO Score or a VantageScore credit score, you still would not know which generation of the score it is using. People have more than one FICO ® Score and each lender determines which FICO ® Score version they will use when assessing your credit risk. For the first time, consumers can compare FICO Score 9 and previous versions of their FICO Score side-by-side to see the ways in which items like medical collection accounts impact their scores. However, FICO recently announced a new formula called FICO Score 9. It places greater emphasis on one’s behavior with credit cards. Some lenders and industries use older versions like FICO 2, 4, and 5. "We have started release of the new FICO Score to the three credit bureaus -- Experian, Equifax and TransUnion. FICO 2, 4, and 5 are very similar. “That’s why we’re making FICO Score 9, along with every commonly used version of the FICO Score, available at myFICO.com. *Just to be clear: the FICO 9 Bankcard Score is not the standard FICO score that many lenders use for assessing credit risk. These scores are used by lenders in the auto, credit card, and installment industries, which pretty much covers everyone. FICO uses an extensive formula intended to assist financial organizations with making high-volume, complex financial decisions. FICO 8 and 9 aren’t the only versions in use. Take a look how they are different and particularly used with their amendments. The first version of FICO score was launched to be used for the credit granting practices of the lender. It means good things for your credit score, although it is rolling out very slowly. While the FICO ® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage:. Stop thinking like a consumer and start thinking like a lender, just for a moment. In fact, these are still used by the mortgage industry when assessing creditworthiness for new mortgages and deciding on interest rates. By accessing and understanding the most commonly used FICO ® Score versions, you can have a … Unlike the current model, FICO 9 will remove collection agency … The reason is … For example, you may apply for an auto loan with one lender that checks your FICO Auto Score 8 based on your Experian credit report. At present, the FICO 8 and FICO 9 both are in use. Once that is complete, they will make the new FICO Score 9 available to lenders later this year. FICO develops a variety of credit scores including these semi-customized scores referred to as Industry Option scores. Here’s How They Work. The Major Changes in Latest Version FICO 9 The FICO ® Auto Score is a special variation on the FICO ® Score designed for use in the auto financing industry and tailored to predict risk of default specifically on car payments. They will test and validate the score against their respective databases of consumer credit information. It’s widely available, but not yet being used by most lenders. FICO Score 9 (also known as FICO 9 and FICO 9.0) is the latest edition of the widely regarded credit scoring models. The two most common credit scores are your FICO® Score and VantageScore®, but there are different versions of credit scores for each model. FICO ® Score Versions . However, the FICO Score 9 now counts unpaid medical debt differently than other types of debt that have gone to a collections account. 2, 4, and 5 are very similar scores referred to as Industry Option.... For new mortgages and deciding on interest rates credit Score use older versions like FICO,. 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