FICO scores are starting to fall out of vogue as banks and other financial institutions use their vast treasure trove of internal data to better asses their customers' credit risk. FICO's parent, Fair Isaac Corporation is a $16b business and those credit scores amount to nearly 100% of their profits.
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FICO score’s hold on the credit market is slipping
‘FICO scores are good, but they’re not perfect," said Roger Hochschild, CEO of Discover Financial Services.
