Key facts
- FICO Score 10T uses rental and trended data for borrower assessment.
- Over 80 lenders are already using FICO Score 10T.
- FICO's predictive scoring models can help approve up to 17% more borrowers without increasing risk.
- The FHA will accept FICO Score 10T starting January 1, 2027.
FICO's Vice President and General Manager, Julie May, discussed the increasing adoption of FICO Score 10T, a modern credit score that incorporates rental and trended data. She highlighted that over 80 lenders are already utilizing the score for various decision-making processes. The FHA is set to accept FICO Score 10T beginning January 1, 2027. May emphasized that predictive credit scoring models, like FICO Score 10T, can help lenders approve more borrowers without compromising risk standards, potentially saving consumers significant amounts on mortgage rates. FICO also offers programs to provide lenders with access to historical performance data and is exploring alternative data sources like cash flow insights through UltraFICO to expand mortgage access.