In August 2004, Isaac Credit Services began offering a new product called FICOŽ Expansion
. The FICOŽ Expansion
is a new credit score that helps lenders extend credit to more consumers. The score is calculated using non-traditional credit
information, such as utility bills, apartment rental payment histories, and other information. According to Isaac Credit Services,
the new scores give millions of U.S. consumers a chance to demonstrate the credit they've earned. The program is expected
to primarily benefit:
- Young people
- Immigrants
- Recently widowed or divorced consumers
- Consumers that have traditionally operated on a "cash basis"
In the past, these types of applicants had to provide
copies of rent and utility payments, verification of employment history, and other documents, a process that is costly and
time consuming. Often, if these applications are approved, they pay higher interest rates to compensate for the risks involved.
FICOŽ Expansion
scores are expected to
streamline the lending process for these types of credit applicants.
To learn more about the FICOŽ Expansion
credit scoring service, visit https://www.ficoexpansionscore.com/Content/About.aspx.
