There are three major changes coming to FICO scores which could mean better terms for consumers applying for home loans.
The changes are:
- Debts that go to collections agencies and get repaid won’t count against a consumer’s FICO score.
- Medical debts will have a smaller effect on the score. If your only major bad mark comes from unpaid medical debts, FICO says it expects your credit score to go up by 25 points.
- A technique to analyze people’s creditworthiness if they don’t have much of a credit history.
The newest version of FICO will be available in the fall.
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