FICO plans to release a new broad-based scoring model this summer that helps lenders analyze a consumer's credit risk with greater accuracy. This product launch will represent FICO's first changes to its scoring model in six years, said Anthony Sprauve, senior consumer credit specialist at FICO.

In an interview, Sprauve could not provide specific features of FICO Score 9 at this time, but said the fundamental way the San Jose, Calif., analytics firm looks at data typically found in credit bureau reports is the same. For example, the product will still review a consumer's length of payment history and balances.

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