FICO Announces: MEDICAL BILLS & PAID COLLECTIONS NOT LOWERING YOUR CREDIT SCORES NOW
The counts utilized by FICO have changed and in your favor. As of recently, millions across the country have had the unfortunate experience of hospital expenses demonstrating on their individual credit documents, because of the high cost of restorative protection and clear requirement for therapeutic consideration. FICO, the Company that gives Experian, Equifax, and TransUnion credit information on your record, has actualized another algorithm which does not say something therapeutic accumulations as seriously. This is especially noteworthy because FICO states around half of all bad credit accounts are these types of accounts.
It improves! Have you ever paid a debt off, just to see it stay on your credit reports and keep lowering your score? Not anymore according to the new credit rating program developed by The Fair Issac Co.
From The Huffington Post:
“As said as of late by Anthony A. Sprauve, Director of PR for FICO,
“We’ve begun the release of the new FICO score to the three credit agencies — Experian, Equifax and TransUnion. They will test the score against their own databases of consumer credit information. When that is finished, they will make the new credit rating FICO 9 accessible to banks. It’s up to every individual bank to validate the score, upgrade and start utilizing it.”-Taken from http://www.huffingtonpost.com/jeanne-kelly/what-is-credit rating 9-what_b_5695766.html