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Minneapolis-based FICO and Equifax have introduced the BEACON 09 Score for lenders and other businesses. This newest version of the FICO credit-risk score is expected to provide the greatest performance upgrade of the score's 20-year history, without changing features that are important to lenders, such as the scoring model's minimum scoring criteria, reason codes and a 300-850 score range.
According to the companies, using the BEACON 09 Score, lenders should see improvements in risk assessment over current BEACON scores, particularly among applicants opening new accounts, consumers with prior derogatory information...