October 23, 2018

FICO changing how credit scores are calculated- may boost scores

"FICO will introduce a credit score next year that incorporates information about how consumers handle savings, checking and money market accounts. The model could help some of the millions of people who have poor credit or no credit." Writing for USA Today, Janna Herron explains: "This additional information could help boost the credit scores of some of the 79 million Americans who have poor credit histories, along with the 53 million who have no credit score at all under the traditional FICO model. That, in turn, could help them qualify for a credit card or loan."
Details at: https://www.usatoday.com/story/money/2018/10/22/new-fico-credit-score-uses-checking-and-savings-account-history/1730838002/

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