FICO Score 10 based on Equifax Data is Here
Providing Greater Predictive Power for Precise Credit Risk Decisions
TORONTO, ON (September 8, 2022) – Equifax ® Canada, in partnership with FICO (NYSE: FICO), a leading analytics software firm, today announced the release of FICO ® Score 10 based on Equifax data. FICO Score 10 was developed to provide improved predictive analytics to help assess credit risk on all consumer lending products including mortgages, auto loans, credit cards, and personal loans.
Building on a partnership of over 20 years, this latest product launch demonstrates the commitment that the two companies have to develop new innovative analytic solutions for the Canadian market.
“We are committed to empowering our customers to help them make better business decisions by providing a comprehensive selection of scores. FICO Score 10 based on Equifax Data can give customers the insights they need to help support the Canadian credit ecosystem,” said Sue Hutchison, President of Equifax Canada. “This new FICO score is built from more recent consumer credit records from Equifax and is designed to reflect the most recent trends in credit risk.”
FICO Score 10 incorporates new characteristics based on recent credit risk trends, utilizes an enhanced collections treatment which bypasses paid third-party collection items, and incorporates an enhanced segmentation scheme – driving increased predictive power.
FICO Score 10 promotes continuity, ease of use, and stability for lenders and investors, designed with a scoring scale similar to prior versions. Previous FICO Score versions are still sound and predictive. However, FICO Score 10 demonstrates greater predictive power over all previous versions of the FICO Score and was developed on a more current dataset.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 13,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca.