04-08-2014 04:10 PM
On March 16th, FICO migrated all newly ordered myFICO solutions based on Equifax data to the most recent version of the FICO used by lenders (sometimes referenced as FICO 8). myFICO is simply making sure myFICO customers are getting access to same version of the FICO score that is currently being pulled the majority of the time by lenders. Existing FICO Score Watch customers (as of the March 16th date) will be migrated to the upgraded version over the next several months. Note, it’s natural for scores to shift whenever a scoring system is updated. How much it shifts and in what direction will be unique to each consumer.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO