In an effort to enhance the capabilities of underwriting departments, FICO recently announced the general availability of industry-specific versions of FICO Score 9 for U.S. auto finance companies and credit card issuers. The industry versions of FICO Score 9 are available from all three major U.S. credit reporting agencies.

“The industry versions of FICO Score 9 are important additions to the FICO Score 9 suite, helping lenders manage risk with greater precision and extend credit safely to as many people as possible,” FICO executive vice president for Scores Jim Wehmann said.

“FICO Auto Score 9 and FICO Bankcard Score 9 evaluate all the information in a credit report to identify a borrower’s specific credit risk as it relates to auto loans and bankcards, respectively,” Wehmann continued.

“The predictive power added to FICO Score 9 through important innovations, such as our nuanced treatment of medical debt, helps credit grantors increase lending responsibly,” he added.

“FICO Score 9 can help lenders address their risk and compliance challenges and continue making responsible loans. And as auto lenders extend credit to a larger range of borrowers, the improved predictiveness of FICO Auto Score 9 will be critical,” Wehmann went on to say.

The company mentioned businesses bought more than 10 billion FICO Scores last year, and the scores are used in 90 percent of consumer lending decisions in the U.S.