Why Lending Startups Like Float Want To Ditch The FICO Score - Rickey J. White, Jr. | RJW™
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Why Lending Startups Like Float Want To Ditch The FICO Score

09 Feb Why Lending Startups Like Float Want To Ditch The FICO Score

Posted at 21:45h in Popular Newsfeed by
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Traditional credit scores are not always useful when it comes to credit-averse millennials. Some lending platforms have a backup plan.

Traditional credit scores are not always useful when it comes to credit-averse millennials. Some lending platforms have a backup plan.

FICO is falling out of fashion. Last year Social Finance, or SoFi, started using its own proprietary underwriting score in place of FICO when evaluating applications for its student loan, personal loan, and mortgage products. As the company’s CEO told the Wall Street Journal at the time, “We just don’t think the score itself is a real driver to credit performance.”

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Source: Fast Company

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