FICO 08 TO SCORE AUTHORIZED USER ACCOUNTS

FICO 08′ TO SCORE AUTHORIZED USER ACCOUNTS

September 9, 2008 by barnettelawoffices

Fair Isaac has changed its mind about removing piggybacked accounts from the FICO score equation.

In 2007, Fair Isaac announced a new credit scoring model - FICO 08 - that would no longer consider authorized user accounts. This decision came on the heels of the mortgage meltdown.

In a prepared testimony, Tom Quinn, Vice President of Global Scoring Solutions for Fair Isaac Corporation states: “After consulting with the Federal Reserve Board and the Federal Trade Commission earlier this year, Fair Isaac has decided to include consideration of authorized user tradelines present on the credit report in the FICO 08 model.”