UNITED STATES (WSYR-TV) — FICO changes could lower current credit scores as the company starts to use a stricter method for scoring.
FICO scores, created by the Fair Isaac Corporation, is changing how the scores are calculated.
The company will starting using a stricter method for scoring people with rising levels of debt and consumers who get behind on loan payments.
Additionally, some who have signed up for personal loans will be flagged.
Fair Isaac said that the result will be a larger gap between people judged to be good credit risks and those deemed to be bad risks.
But, if your FICO score is above 680, and loans are continually managed, your score will go up more than it would have before.
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