It appears that there will be a new credit scoring model. The new model is being dubbed “FICO 08.”
Supposedly, this model is designed to help more qualified borrowers get the loans they deserve and filter more borrowers from potential default. Mostly, it’s geared towards punishing repeat default borrowers more. Borrowers who have an infrequent delinquency will not be hit as hard as they did in the past.
Here’s a LINK to an article on the Wall Street Journal regarding the new scoring model.
