How can improvements to the FICO® score help businesses and borrowers? Through rigorous analysis of new data samples, Fair Isaac has been able to increase the predictive power of the FICO® score by 5-15% for some consumer segments, which means smarter lending decisions. In addition, the new FICO® 08 score has a better way to avoid fraud from authorized user accounts, while enabling individuals to build their credit through becoming an authorized user on a spouse or parents account. These are among the improvements to the FICO® 08 score, which is available now to credit grantors from TransUnion, and coming soon to Equifax and Experian. Darcy Sullivan of Fair Isaac interviews Lisa Nelson, Fair Isaac vice president of Scoring Solutions for this Fair Isaac Tech Talk.
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