FICO debuts its new credit scoring method

Thursday, Fair Isaac, the developer of FICO scores, unveiled its "new-and-improved FICO score," according to The Wall Street Journal(subscription required). It's a new way of coming up with your credit score, and TransUnion LLC, one of the three major credit bureaus, is right out the gate in using the method. Equifax should begin using it in the second quarter of this year, and Experian Group Ltd, reports The Wall Street Journal, hasn't announced when or if it will use it "due to pending litigation with Fair Isaac."

Let them squabble. The important question is: What does this mean for all of us?