I'm not a fan.
I think FICO got us into this credit mess by creating and supporting the false belief that automated underwriting could replace expert human analysis and judgment. Though developed as a tool, it replaced humanity in the lending process. NOW, it's time to let go.
We don't have subprime lending. It's basically gone. Hard money lenders are few and difficult for consumers to reach if at all. That means many families and individuals will voluntarily or with little other choice, start to live within their means and pay cash.
Heavens! What shall we do? Isn't this a good thing? Consumers learning to manage their money? Yes. I say it is, but it won't be a good thing if these consumers need or desire credit ever again.
Once a person recovers from bad money management and proves an ability and willingness to repay obligations, oughtn't creditors take a chance and lend? I say yes, however, I suspect lenders who rely upon FICO scoring will say no. Living without credit does not a high FICO score make.
If FICO won't change the calculations and reward conservative cash based living and lenders are married to using FICO, then how does a deserving potential reformed or new borrower find a lender?