Credit Score Changes Are Coming

According to WSJ Live and Yahoo!, Fair Isaac has announced that changes are coming for credit scores.  These FICO changes should help to improve millions of credit scores. Any “resolved” records with collectors will not be included and unpaid medical bills will have less weight.

Many lending companies have been trying to find ways to stimulate consumer lending, and these changes should do just that.  These FICO changes should give more people access to credit, meaning better chances for real estate loans.  According to CNBC’s article Credit score changes will affect millions and the Journal, “Out of the 106.5 million Americans with a payment collection on their report, 9.4 million had no current balance, which means their credit scores will be bolstered by the new system.”

Watch the video here: Credit score changes will affect millions