Credit Scoring System To Be Revised

Dated: 08/12/2014

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The credit-scoring system is being revised in a way that could improve credit scores for many consumers.

FICO introduced its new FICO Score 9 as a way to assess consumer collection information and differentiate between medical and non-medical collection agency accounts.

The revisions, to take effect this fall, will alter the formulas used to generate the credit grades used in more than 90 percent of the decisions that lenders make about how much consumers can borrow and at what interest rates. 
As a result, median FICO scores for consumers whose improved scores could make it easier to qualify for mortgages and car loans and get lower interest rates.

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