topic Who uses fico 9 in Understanding FICO® Scoring

Who uses fico 9

Anonymous — Thu, 25 Aug 2016 00:30:15 GMT

What banks are using this model I have not seen any at all

Re: Who uses fico 9

CreditDunce — Thu, 25 Aug 2016 02:49:22 GMT

I haven't seen any yet either. I was expecting a fast rollout. By which I mean we start seeing reports 2-3 years after the score became available. It is still early days. I am sure there are banks testing FICO 9. It takes big banks a really long time to switch over. I wouldn't be that surprised if there are some tiny CU's who have quietly switched at this point.

Re: Who uses fico 9

Revelate — Thu, 25 Aug 2016 12:28:39 GMT

@CreditDunce wrote:
I haven't seen any yet either. I was expecting a fast rollout. By which I mean we start seeing reports 2-3 years after the score became available. It is still early days. I am sure there are banks testing FICO 9. It takes big banks a really long time to switch over. I wouldn't be that surprised if there are some tiny CU's who have quietly switched at this point.

I wouldn't bet on CU's but there are probably some small / new lenders that would be on it as I assume there are some early adopter style discounts. CU's are even slower than big banks to change something once they have a workable solution.

Smaller lenders don't have the same level of data analytics and sophistication on that front and are more likely to pick one out of the wind. The pirate ship lender I worked for a few times over the years, switched from EX Risk Model 2 straight to FICO 8 (still just EX) on the whim of the owner, and that can't be a unique case however surprising I find it personally.