The current FICO® Score 10 Suite leverages the most comprehensive credit bureau data available and outperforms all previous FICO® Score models. We also recognize that our scores serve many different purposes. And while some of our clients’ business lines benefit from the very latest innovations, others such as mortgage continue to find that older versions of the FICO® Score – even some that were first developed decades ago – meet their needs for credit risk assessment. That’s because FICO® Scores are built to last.
Even as we continue to innovate by developing new models and identifying new sources of predictive credit data, the bones of the original credit scoring models developed decades ago remain strong. We regularly test the efficacy of the entire range of FICO credit scoring models currently in use by lenders in the market, for example FICO® Score 8, and data consistently shows that even the FICO® Score versions developed back when Amazon only sold books, remain highly effective in rank-ordering the likelihood of borrower credit repayment.
We’re sometimes asked why we continue to provide support for some of our oldest score versions rather than sunset them and require a transition. The answer is simple: with legacy versions of the FICO® Score remaining highly effective for their purpose and still seeing heavy usage in the marketplace, we think it’s important to continue to support these older models while offering lenders resources to upgrade to newer, more powerful models. If a score provider is constantly rebuilding their score and not offering ongoing support, it’s much harder to justify the investment of resources and time into the adoption of a new score version.
And when our clients are ready to make the change to a newer version, FICO works with them every step of the way to make the process as seamless as possible, offering resources and information to support the migration to our newest, most powerful models. Additionally, our newer scores offer backwards compatibility with earlier versions, carrying forward key score features such as consistency in score range, odds-to-score relationship, and our trusted FICO Score minimum scoring criteria.
Our philosophy at FICO is simple: we will continue to innovate and build even more powerful and inclusive models that responsibly expand access to credit, while also supporting legacy FICO® Score models that meet lender needs and remain highly effective at predicting credit risk. Our clients can count on FICO to provide a credit scoring infrastructure that has supported liquidity, stability, and expanded access in consumer credit markets for more than three decades.