Your credit score could soon go down — or up. FICO has announced its latest version of the FICO score, a three-digit number that assesses a person's credit risk. It will take consumers' debt levels into account and will more closely track personal loans.
FICO announced Thursday its latest version of the FICO score, a three-digit number that assesses a person's credit risk. The new scoring model will take consumers' debt levels into account and will more closely track personal loans. Previous scoring models took snapshots of a person's payment history.
FICO estimates that an additional 110 million consumers will see only a modest change to score, if at all, he said. "The bad news is that those who were already struggling with debt will be hit more drastically by the recent FICO changes," said Sefa Mawuli, a wealth adviser at Citrine Capital.More from Success Delta gave its employees 2 months of extra pay.
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