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FICO Expansion Score And How It Will Affect You

Contributed by mm | September 10, 2006 12:07 PM PST





By looking at alternative information like banking records and utility payments, Fair Isaac is creating a new scoring system to assess the risks of potential borrowers without a lengthy credit history.

This comprehensive Bankrate article also discussed similar scoring systems like Payment Reporting Builds Credit (PRBC), First American CREDCO's Anthem score, and eFunds Debit Report.

From Bankrate:

FICO Expansion score. Drawing on alternative credit data such as bank account records, payday loan payment records and installment purchase plans, Fair Isaac produces a credit score that is modeled on the traditional FICO score's 300-to-850 point range.

"In developing the Expansion score, Fair Isaac analyzed anonymous alternative credit data to statistically determine what factors are most predictive of future credit performance," said Lisa Nelson, vice president of business operations for Fair Isaac in an appearance before the House Financial Services Committee in May 2006. "Factors that do not have predictive value and factors that by law cannot be used in the credit decision are excluded from consideration."
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