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FICO Score’s Hold on the Credit Market Is Slipping

For decades, you couldn’t get a loan without a FICO credit score. That’s changing.

7/24/2021 1:59:00 PM

For decades, you couldn’t get a loan without a FICO credit score. That’s changing.

For decades, the three-digit FICO number has been the linchpin of consumer-credit decisions. But banks are increasingly relying on their own bespoke scores.

July 24, 2021 5:30 am ETFor decades, nearly every consumer credit decision revolved around a three-digit number—the FICO credit score. That is changing.FICO has long dominated the market for consumer credit, providing scores for some 200 million U.S. consumers that are used by a whole host of lenders to evaluate credit-card, auto-loan and mortgage applicants. For borrowers, higher scores can mean bigger loans and lower interest rates.

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But powerful forces are aligning to challenge its dominance.Big lenders are moving away from FICO, according to people familiar with the matter. Capital One Financial Corp . and Synchrony Financial don’t use its scores for most consumer-lending decisions. They are becoming a smaller factor in some underwriting decisions at JPMorgan Chase & Co. and Bank of America Corp.

A key financial regulator, meanwhile, is encouraging banks to de-emphasize credit scores in anto affordable credit. And housing-finance giants Fannie Mae and Freddie Mac are considering allowing lenders to use other scores when evaluating mortgage applicants. headtopics.com

Read more: The Wall Street Journal »

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