FICO revamps the way it calculates credit scores

By: Adrienne Francis

FICO (Fair Isaac Corporation) announced today that at some point, later in the fall, it will be revamping the way it calculates credit scores.

This is wonderful news for consumers and surely will help to increase credit scores because a lesbian porn low credit score could ultimately cause a consumer to pay a higher interest rate on loans, credit card debt and even a mortgage.

FICO will ignore paid collection accounts under this new system and place less emphasis on medical bills when calculating scores. Consumers whose delinquent accounts are only unpaid medical bills could see their credit scores rise by as much as 25 points, according to FICO.

The decision was hailed by National Association of Realtors President Steve Brown, who said it will increase consumer access to home ownership.

“Realtors welcome today’s announcement from FICO, that it will no longer penalize borrowers for certain debt-collection activities when calculating credit scores,” Brown said. “This move will ultimately make a real difference in the lives of millions of Americans, who have been shut out of the housing market or forced to pay higher mortgage interest rates because of flawed credit scores. Since the housing crash, overly restrictive lending has been the greatest obstacle to homeownership. As always, the NAR will continue to embrace efforts to broaden credit access for all qualified homebuyers.”

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