FICO said that Citi Cards has been conducting validations on the FICO 8 Score over the past 18 months. It says Citi Cards found that the FICO 8 Score improved the prediction of customer risk and is now using the score across many of its lending decisions.
Citi senior vice president Shanan Bentley said that the FICO 8 Score will complement its ability to manage and responsibly grow its portfolios.
FICO vice president of scores and analytics Greg Pelling said that the outstanding predictive performance and advanced capabilities of FICO 8 underscore why it has emerged as the new standard for consumer credit risk assessment.
"Adoption of FICO 8 by Citi and other top banks further demonstrates that the FICO Score remains the score that matters for lenders and consumers," Pelling said.
