New FICO Car Rating May Make It Easier to Get a Good Car Loan
Past financial mistakes can linger on your credit report for a long time and make your life difficult in many ways . FICO sometimes tries to fix this with new scoring models , and their latest change is aimed at car loans.
According to the FICO, their new Auto Score 9 XT will give consumers a better chance of qualifying for car loans on the best terms available (presumably this means lower interest rates). In a press release, they explain:
Trending data is sourced from TransUnion CreditVision, which helps lending decisions through its enhanced consumer credit data view. Whereas a traditional credit report provides insight into consumer data at a point in time, trend data includes 30 months of historical information. This includes information about key risk factors, such as whether a customer is increasing or decreasing a credit card balance, making payments on revolving accounts above the minimum, and increasing or decreasing credit utilization.
The FICO adds that the score ignores collection bills that have been paid and differentiates between unpaid medical debt that was collected and non-medical debt that was collected. To find out more, follow the links below.
FICO Promotes More Predictable Credit Scoring With FICO® Auto Score 9 XT Powered By TransUnion CreditVision® | PR Newswire via Credit.com