fico 9: FICO 9; an exercise in futility for mortgages
- 09/02/14 04:12 AM
Why does FICO keep coming up with new versions of their scoring models when no one in our business is paying attention? Well, there are some very good reasons with the primary one being that medical collection accounts will now have a lower impact on overall scores that more accurately reflect the true credit risk that is being represented. The estimate is that people with medical collections will see an increase of 25 points on all 3 credit bureaus. The good news? It is expected that consumer lending (credit cards, auto loans, etc...) will become less expensive as that portion … (1 comments)
Why does FICO keep coming up with new versions of their scoring models when no one in our business is paying attention? Well, there are some very good reasons with the primary one being that medical collection accounts will now have a lower impact on overall scores that more accurately reflect the true credit risk that is being represented. The estimate is that people with medical collections will see an increase of 25 points on all 3 credit bureaus. 
;)
;)
