FICO announced last week its newest FICO scores targeted specifically to the auto lending and bankcard industries. TransUnion is the first credit reporting agency to offer the new scores and make them available to lenders and issuers.
What this means to you, the consumer, is that car loan lenders will be better able to predict if you’ll be delinquent on your auto loan payments. This may be bad for you if you’ve missed a car loan payment in the past or if you’ve ever paid late. Lenders may view you as more of a risk.