This new score, known as the FICO Resilience Index, can help people with low traditional credit scores.
What is the FICO Resilience Index Score?
In other words, they have financial resilience, says Ulzheimer.
Score numbers range from 1-99, with 1-44 being the most resilient and 70-99 the least resilient.
FICO Scores range from 300, the lowest, to 850, the top score.
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The more information that is available, the better, says Sahi.
FICO says it will report resilience scores to lenders who already use their credit scores.
That may change in the future.
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Both Sahi and Ulzheimer agree that the resilience score will take time to catch on.
Lenders are slow to adopt new methods of qualifying their borrowers.
They must research and assess new tools before actually implementing them, he says.
Theyll ask themselves how it will affect their bottom lines and their decision-making.
Whats Your FICO Resilience Index Score?
That one will cost you.
The Advanced option updates every three months while the Premier selection updates every month.
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