Inside the FICO Score Update: New Data, Risks and Opportunities - Ted Rossman | S2E18

Ted Rossman had plenty of insight to share about recent changes in FICO scoring models, invoking his expertise as a longtime industry analyst at Bankrate. During this episode, he described the significance of the introduction of FICO 10T, which incorporates trended data and the impact of Buy Now Pay Later services on credit scoring. He highlighted the generational differences in attitudes towards credit and debt, the regulatory landscape affecting consumer protection, and the evolving relationship between FICO and mortgage lending. Rossman also emphasized the importance of incorporating rent payments into credit scores and provides advice for real estate professionals navigating these changes. Chapters:00:00 Introduction to FICO Score Changes01:58 Understanding FICO 10T and Trended Data04:24 The Impact of Buy Now Pay Later on Credit Scoring08:31 Generational Perspectives on Credit and Debt13:38 Regulatory Landscape and Consumer Protection16:54 FICO's Direct Approach to Mortgage Lending20:32 Incorporating Rent Payments into Credit Scores23:29 Advice for Real Estate Professionals26:04 Future Outlook on Mortgage Rates and Credit ScoringGet In Touch…Host email: Mary Schuster - [email protected] Guest email: Ted Rossman - [email protected] More About Ted’s Work & Expertise: Ted Rossman | Bankrate.com - Compare mortgage, refinance, insurance, CD ratesTo find more episodes of “Keys to Real Estate” or learn more about October Research – the nation’s leading independent provider of market intelligence, industry news, expert analysis and regulatory information for professionals in the real estate, title, financial and settlement services industries – visit https://www.octoberresearch.com.Episode sponsored by Closinglock – https://www.closinglock.comEpisode produced by October Research – https://www.octoberresearch.com