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What to know about the new FICO measure of financial resilience

The tool is meant to help identify people that are more resilient to economic stress.

7/1/2020 4:36:00 AM

The tool is designed to complement the standard FICO credit score and give lenders an idea of consumers' resilience during an unexpected economic disruption.

The tool is meant to help identify people that are more resilient to economic stress.

Catch up on the developing stories making headlines.Michael Nagle/Bloomberg via Getty ImagesFICO announced Monday it was launching the pilot version of its new Resilience Index, a tool designed to complement the standard FICO credit score and give lenders an idea of consumers' resilience during an unexpected economic disruption.

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"Lenders and investors need to be able to evaluate and manage portfolios based on rapidly changing conditions, to further safety and soundness in credit as well as support the global economy," Sally Taylor, the vice president and general manager at FICO Scores, said in a statement announcing the new index.

"Consumers benefit when lenders have the tools to identify resilient borrowers, enabling lenders to price their products more competitively and to responsibly provide greater access to credit than they would otherwise be able to do," Taylor said.

The measurement"provides an additional layer of insight to help more accurately capture the resilience of a consumer and empower lenders to provide access to credit during difficult economic times," Taylor added in ablog postMonday explaining the new tool.

A monitor displays Fair Isaac Inc. (FICO) signage on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Oct. 20, 2017.A monitor displays Fair Isaac Inc. (FICO) signage on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Oct. 20, 2017.

Michael Nagle/Bloomberg via Getty ImagesThe index ranks consumers on a scale from 1 to 99, and"consumers with scores in the 1 to 44 range are viewed as the most prepared and able to weather an economic shift," Taylor explained.While lenders often respond to economic uncertainty by raising credit score cut-off qualifications, the FICO Resilience Index can be used as an additional tool for lenders to help identify those who may be more resilient to economic stress. The score was created in part after FICO's analysis of more than 70 million consumer credit files during the Great Recession, FICO said in a statement.

Read more: ABC News »

Did you mean an unexpected 'economic corruption'? 😉😉😉 NomadCovfefe You mean discrimination! Just an excuse to juice vulnerable People more. Bailout banking has no consequences. Because banks really have people's interests at heart... NOT!! Corporations that need to be reined in. Credit scores are racist

Translation: the lenders would like to make sure you'll sacrifice you and your families safety to make a loan payment. This would make more sense if they were factoring in things like the nature of your job and how much you have in savings. Actually, it's just a way for credit bureaus to make more money in times of economic stress and screw consumers at the same time.

The financial reset in July will be a godsend. That sounds more stringent than Payment History and Balance analysis lol... Another way to make money using people's financial data. Next they should add a tool that tracks you for things like habits and where you spend things and assign credit scores based on that. We can call it social credit

A new tool to help them figure out how badly they can legally screw us over. How about a strong push for Phil Ehr to defeat Matt Gaetz in Florida District 1. An honorable man who served our nation & I would like to help build his followers to get him over the 200,000 followers threshold. Respectfully.

God bless America 🙏! Use your vote! Choose God's light son...Trump! Oh - so it'll protect rich people?

FICO launches new score that calculates borrowers' financial resiliency during economic downturnsFair Isaac Corp., the company behind the popular FICO credit score, is launching a new tool that evaluates how successfully consumers are positioned to weather financial downturns. MakeIt Will street-cred be factored into a person's FICO score? MakeIt How about they calculate deez nuts? MakeIt so they're penalizing people for a pandemic

FICO launches new score that calculates borrowers' financial resiliency during economic downturnsFair Isaac Corp., the company behind the popular FICO credit score, is launching a new tool that evaluates how successfully consumers are positioned to weather financial downturns. MakeIt Will street-cred be factored into a person's FICO score? MakeIt How about they calculate deez nuts? MakeIt so they're penalizing people for a pandemic

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