New FICO system could impact your rating

New FICO system could impact your rating


Consumers who are already fretting about a miserable credit score will have yet another reason to be freaked out. The rules are changing, and not in a good way for those who face financial troubles

And if you’re already credit-challenged, it’s going to be even more important to pay all your bills on time, never miss payments, and avoid running up those credit cards to the maximum available line of credit. 

“Everyone knows that missing a payment is bad. Everyone knows that excessive credit is bad. Now, it’s just worse,” said John Ulzheimer, a credit expert who formerly worked for credit-scoring company FICO and credit bureau Equifax. 

“People who have elevated risk are going to score lower,” Ulzheimer said. 

The Fair Isaac Corp. in late January announced its latest version of the popular FICO score — dubbed the new FICO Score 10 Suite. It’s a bit like an overhaul of an iPhone, and not every lending outfit is going to immediately jump on board and use the latest technology.


Source link

Categorized as Business

By Bernice Caldwell

Bernice is one of the finest authors Industry News Today portal has until now. Bernice's linguistic and well-written technique is one of the plus points that have the readers glued to her articles. Bernice currently heads the Healthcare and Services domain as her knowledge on the medical topics is immense. She has just joined the Industry News Today portal 6 Months back but the love for writing can be very well seen. She may be short on experience but it has definitely not stopped her from presenting some of the finest articles. Bernice is currently a very well-known personality on the portal to have shown her skillful writing in such a limited time span.

Leave a comment

Your email address will not be published. Required fields are marked *