Building on a partnership of nearly 30 years, the companies highlighted that the agreement renews a commitment that the two companies will continue working together to develop analytic solutions for the Canadian market.
As part of this renewed agreement, credit scores which have been previously distributed under the brand name BEACON, will now be delivered under the FICO brand name as FICO scores based on Equifax data. FICO Score 8 based on Equifax Data, which was previously called BEACON 9.0, will continue to leverage Equifax mortgage data. It will also continue to provide substantial improvement in predictive power compared to prior scores.
In June 2018, FICO and Equifax launched a solution to assess a consumer’s repayment risk as well as their ability to afford new credits.
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