March 21, 2016

Will new data lead to more credit?

Bright borrowers are aware that a higher credit score, which indicates a person’s creditworthiness, can aid them in qualifying for more preferred loans and lower interest rates. Now, Fair Isaac Corp. (FICO), the company responsible for creating your FICO score—the credit score most valued and used by lenders—has launched a new type of scoring program. Called FICO Score XD, the new score factors in alternative forms of data in order to qualify more consumers for credit.

Learn more about FICO Score XD in my newest real estate article for CTW Features, published in various papers across the country, by clicking here.