@Gallager2014 wrote:IIRC from the high level discription of FICO9, its main purpose was to exclude medical collections and be kinder with regards to paid collections than FICO8. This seems to suggest that they made more tweeks to the algorithm than that.
I think it had a lot more differences than that.
Possible differences between FICO 9 & FICO 8:
-paid collections not counted in 9
-unpaid collections given more weight in 9
-medical collections given less weight in 9
-rental history counted in 9
-recent inquiries given less weight in 9
-average age of accounts given less weight in 9
-no. of accts reporting balance given more weight in 9
-premium for open as opposed to closed installment loans reduced in 9
-installment loan utilization percentage given more weight in 9
-9 more sensitive to revolving utilization
-9 has a separate clean scorecard for people with high revolving utilization
As to its "purpose", I feel pretty confident that was to make more money by convincing
lenders FICO had a new and better product, for which it would be worth their while to shell out some more dough.
