dragnldy wrote:
But don't the lenders basically just buy the FICO score unless you're apping for a mortgage or something big like that? So wouldn't it be almost automatic in most cases?
It's not automatic. Each lender subscribes to a specific version of the FICO scoring model. Lenders won't receive FICO 08 automatically once it's implemented. They'll need to specify that this is the model they want FI to use when they generate scores for them.
Of course, it always takes a while for a new paradigm to replace the old one once the old paradigm is firmly entrenched. Many lenders will probably be hesitant to switch until the new model has proven itself, but the proof won't be there until the use of the new model gains some traction. Classic Catch-22.