By Daniel Kehrer Recession-damaged small and mid-sized businesses would like to extend credit to customers with no credit rating, if they could do it without great risk. Now there’s a way. FICO — the company behind the FICO credit score we all know and love — has created a new FICO Expansion Score to help businesses evaluate the estimated 50-70 million U.S. consumers who have either no traditional credit history or thin credit bureau files at Equifax, Experian and TransUnion. The new system can help identify credit-worthy customers who simply haven’t had an opportunity to establish a credit history.Read more >>
