They all share the same base functionality, but the latest versions also have unique updated features to meet evolving user needs. It helps to think of how people use different versions of computer operating systems or have older or newer generations of smart phones. An example, FICO ® Score 5 at Equifax is the FICO ® Score version previous to FICO ® Score 8 at Equifax. This is why some lenders are currently using different versions of the FICO ® Score. Some lenders make the upgrade quickly, while others may take several years. From there, each lender determines if and when it will upgrade to the latest version. When a new FICO ® Score version is developed, we release it to the market. When we update our model, we make sure that the score reflects changing consumer credit behavior, includes our newest analytic technology, and is adjusted for recent data reporting enhancements. FICO ® Score models are updated to keep lending fast and fair for both the lender and consumer. Lender credit-granting requirements, data reporting practices, consumer demand for credit, and consumer use of credit have all evolved.įICO has redeveloped its scoring formula several times to keep pace with this changing credit landscape, ensuring that it remains an intuitive predictor of credit risk. But quite a bit has changed since lenders first started using FICO ® Scores in 1989. Since FICO ® Scores were introduced to lenders over 25 years ago, they have become an industry standard-the best-known and most widely used credit score. Why are there multiple FICO ® Score versions? The most recent FICO ® Score version that is widely used by lenders is FICO ® Score 8. ![]() ![]() One reason why there are multiple FICO ® Score versions is that the FICO ® Score model is updated periodically, resulting in a new FICO ® Score version released to market every several years. Part 1: Base FICO ® Score versions and updates
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