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Huge FICO Changes ... Must Read


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1) Medical Bills have a decreased weight, paid or unpaid.


2) All PAID COLLECTIONS... they no longer re-age and decrease your FICO :-)  Instead, all PAID COLLECTIONS = don't factor in your score AT ALL!!!!


3) This new "FICO 9" model will initially be used for Car loans and Credit Cards.... so it will not help you get a mortgage, that is prob. a few years off as the mortgage industry lags by 2 generations of formula's on average.



These are the two main changes.  This seems like good news, but the average score will go up, so everything will be re-adjusted a 750 FICO today will not get you the same benefits as a 750 FICO yesterday....



Basically gives gives the collection agencies lots of leverage.


The good news is, if one has a long history of charged off or unpaid accounts, they can significantly decrease the 7 year window of having bad credit no matter what.

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