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FICO testing new ways to assess credit risk 

November 2, 2015

Mark Williams, The Columbus Dispatch

Millions of Americans blocked from getting a credit card or a car loan might get a better chance soon to qualify for credit.

FICO, the company behind the score that’s used to determine how much of a credit risk consumers are, has started a test project to expand the data sources it uses to assess creditworthiness.

The test extends beyond traditional measures, such as those focused on debts, payment history and income. FICO will expand its research by also looking at things like cellphone bills, cable-TV bills, property records and other public sources of information.

The notion behind the test program is to help more Americans get access to credit. FICO, based in San Jose, Calif., says about 53 million U.S. consumers can’t get credit because they either have an insufficient credit history or no credit history.

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