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FICO`s fresh auto score could make it lighter to get a good car loan
(Brooke Niemeyer/Credit.com) — If you’re in the market for a fresh car, the latest credit score update from FICO could be good news.
The fresh scoring model, called The FICO Auto Score nine XT, is designed to help paint a better picture of consumer’s financial behavior by analyzing up to thirty months of “trended” credit card data provided by credit bureau TransUnion. According to a FICO press release, the data includes “information about key risk factors, such as whether a consumer is enhancing or decreasing credit card balances, making more than the minimum payments on revolving accounts, and enlargening or decreasing credit utilization.”
This information is intended to providers lenders with an expanded view of a consumer’s credit use. (Traditional credit reports only suggest lenders a snapshot of credit card data —generally what your balances are and whether an account is in good standing — at the time they are pulled.) It could help make auto loans more accessible and affordable for people previously shut out of the market.
“It permits auto lenders to approve more consumers or provide better terms by using a score that performs better for auto lender than prior versions,” Sally Taylor-Shoff, FICO Scores Vice President, said in an email.
The FICO Auto Score nine XT also doesn’t include collection agency accounts that were paid in utter and makes a clear distinction inbetween unpaid medical accounts in collections and unpaid non-medical accounts in collections.
“The net effect of this treatment is that many consumers with paid collections or medical collections in their credit files will have higher scores with FICO Auto Score nine XT than with earlier versions of the FICO Auto Score,” the company said in the release.
Understanding Your Credit Scores
Of course, prospective car buyers with lean credit shouldn’t necessarily expect to have an lighter time coming across an auto loan just yet. As this fresh FICO score was just announced, lenders haven’t adopted it yet.
“Most lenders will conduct an evaluation before switching to a fresh score,” Taylor-Shoff said.