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Member Update
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screening done by a reputable screening service such as CIC.
FICO. Developed by Fair Isaac and Company in 1989, FICO is one of the oldest credit scoring models out there. Since the ‘80s, the company has revised it’s credit risk score model multiple times with FICO Score 8 being one of the more recent versions. According to myFICO, these are a few of the benefits of using the FICO credit scoring model:
• FICO is well recognized and widely used by lenders: The FICO credit scoring model is not only used for rental housing decisions. It has been the standard credit score in many different industries since the ‘80s. Because of this, rental applicants are familiar with the scoring model range (300-850) and their prior FICO scores.
• FICO is constantly evolving to meet different
industries’ standards: As one of the oldest scoring models, the company has years of experience with adjusting the model to fit the current financial climate. They update the model to reflect current spending behaviors (like the increased use of credit cards). Aside from the base FICO model, they also offer industry-specific scores.
VantageScore. The VantageScore model was developed in 2006 by the 3 major credit bureaus (Experian, TransUnion, and Equifax). Unlike FICO,
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