For decades, you couldn’t get a loan without a FICO credit score. That’s changing.
For decades, nearly every consumer credit decision revolved around a three-digit number—the FICO credit score. That is changing.
FICO has long dominated the market for consumer credit, providing scores for some 200 million U.S. consumers that are used by a whole host of lenders to evaluate credit-card, auto-loan and mortgage applicants. For borrowers, higher scores can mean bigger loans and lower interest rates.Big lenders are moving away from FICO, according to people familiar with the matter. Capital One Financial Corp . and Synchrony Financial don’t use its scores for most consumer-lending decisions.
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