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  • Writer's pictureHarry N. Stout

59- Credit Scoring is Changing – Are You Impacted?

Updated: Jan 15, 2021

In Chapter 3 of my book The FinancialVerse – A Common Sense Approach for Your Money, I discuss the reality that you need to know the financial gatekeepers that impact your journey through the universe of money. One of the most important groups of gatekeepers is the credit reporting agencies. These organizations track and monitor how you pay your bills, use credit and assess your ability to repay any obligations you incur. The major agencies do their work using the credit scoring system created by Fair Isaac Corporation – The FICO scoring system.

The Major Change

Last week, Fair Isaac announced the latest update of this system: FICO 10. FICO 10 scores will more accurately take consumer debt levels into consideration and more closely track personal loans. This revision is expected to change the credit scores of about 80 million people with about half seeing their scores increase and half seeing decreases of approximately 20 points.

Here are three posts that we came across that will help you better understand the expected changes:

Timing for the Changes

The new scoring system will begin to be implemented beginning this summer. Please pay close attention to your credit scores as this change takes place.


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