FICO will now score consumers’ readiness for a financial crisis

Source: Michelle Singletary, Washington Post (Paid Registration)

FICO, the company behind the most-used credit score, recently launched a new product to help lenders figure out which consumers are likely to be financially resilient during an economic crisis. FICO’s “Resilience Index” allows financial institutions to continue lending to consumers who might otherwise be cut off from credit or be offered higher-interest loans.

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