You may have noticed that starting on February 11th, your FICO® Score 9 versions became available on new report pulls on myFICO. FICO® Score 9 is the most recent version of the FICO® Score and lenders are migrating over to this newest version.
What’s new with FICO® Score 9?
As part of our commitment to periodically updating our scoring models, we recently released the newest
FICO® Score version—FICO® Score 9. It has a few important differences from older FICO Score versions:
- Third party collections that have been paid off no longer have a negative impact
- Unpaid medical debt is now treated differently than other types of unpaid debt. Unpaid medical debt has less of a negative impact on a FICO Score 9
- Rental history, when it’s reported, factors into the score—this may be especially beneficial for people with a limited credit history
Will your FICO® Score 9 be different from other FICO® Score versions?
Very likely. It's natural for the FICO Score versions to be different as they are each based on a unique FICO® Score formula. How big the point difference and in what direction may be different based on each individual’s profile.
Our research shows a large percent of U.S. consumers have FICO Score 9 scores that are relatively close to their FICO® Score 8 version. Generally speaking, a person scoring high on FICO Score 9 will score high on the FICO Score 9 industry score versions as well as on FICO Score 8 versions, as the underlying factors of a higher score are consistent across the versions (paying bills on time, keeping credit debt low and seeking credit sparingly).
However, it is possible for a greater score difference to occur for a variety of reasons. Updates to a new version, such as how paid off collections are treated, could impact how certain credit report items are scored. Or, points assigned for carrying high credit card balances may have a greater impact in one version versus the other as risk patterns may have changed over time.
Comparing these additional scores won't really help you as lenders don't pull all these versions when evaluating a request for credit. It’s more advantageous to focus on your current or near-term credit needs to determine which version will likely be accessed and let that be your guide.
Regardless of FICO® Score version, the factors that affect a FICO® Score remain the same:
- Pay your bills on time
- Keep credit card balances low
- Open a new credit account only when you need it
