Change in How Credit Scores Are Calculated

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Tip 1 - Millions to get break in new credit score calculation

Published: 9 years, 5 month(s) ago | Submitted by PS 3zurazura | permalink

The formula for calculating the most widely used credit scores will soon change to lessen the impact of bad medical debts and ignore old unpaid debts of any type that are later paid off.
Tags: FICO credit scores, new credit score rules, credit ratings

For further reading: http://www.chicagotribune.com/business/breaking/chi-fico-score-medical-debt-20140808-story.html ^[1]

Tip 2 - FICO's New Credit Score Formula Helps Many, Hurts Some

Published: 9 years, 5 month(s) ago | Submitted by Nicole Guyot | permalink

People with paid-off debt or medical debts will see scores rise with the new FICO math, while others will receive lower marks
Tags: Freddie Mac,Bank of America,FICO,FICO's credit score,Fannie Mae,interest rates

For further reading: http://www.foxbusiness.com/personal-finance/2014/08/08/fico-new-credit-score-formula-helps-many-hurts-some/ ^[2]

Tip 3 - FICO Recalibrates Its Credit Scores

Published: 9 years, 5 month(s) ago | Submitted by Jolanda Verstappen | permalink

A change in how the most widely used credit score in the U.S. is tallied will likely make it easier for tens of millions of Americans to get loans.
Tags: bank lending,consumer lending,credit bureaus,fico,fico scores,personal lending,Fair%20Isaac,FICO,VantageScore%20Solutions,economic performance,indicators,economic,monetary policy,interest rates,bank loan data,economic news,banking,credit types,services,business,consumer services,credit,financial services

For further reading: http://www.wsj.com/articles/fico-recalibrates-its-credit-scores-1407443549 ^[3]

Tip 4 - 3 Big Changes Coming to Credit Scores

Published: 9 years, 5 month(s) ago | Submitted by Matthias Strau | permalink

A new version of the VantageScore may help lenders make better decisions and has the potential to shake up the credit scoring industry.

For further reading: http://finance.yahoo.com/news/3-big-changes-coming-credit-040150395.html ^[4]

Tip 5 - Here's Why Your Credit Score Is About To Improve

Published: 9 years, 5 month(s) ago | Submitted by Luigi Floris | permalink

Unpaid medical bills will carry less weight on FICO scores -- and late bills that get paid off won't count at all.
Tags: , american express, apr, cfpb, consumer financial protection bureau, credit, credit cards, credit scores, debt, fair isaac, fico, medical debt

For further reading: http://time.com/money/3092005/fico-credit-score-changes-fair-isaac/ ^[5]