FICO

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It's the Sharpest Credit Drop Since the Great Recession

FICO data shows borrowers are falling behind nationwide

(Newser) - From credit cards to student loans, Americans are missing payments—and their credit scores are paying the price. CNN reports credit scores are falling at the fastest pace since the Great Recession as borrowers struggle with high inflation, soaring interest rates, the return of student loan payments, and the sheer...

FICO to Expose 'Phantom Debt' With New Score

'Buy now, pay later' loans will soon affect consumers' credit scores

(Newser) - Hundreds of millions of "buy now, pay later" loans will soon affect credit scores for millions of Americans who use the loans to buy clothing, furniture, concert tickets, and even takeout. On Monday, scoring company FICO said it's rolling out a new model that factors these short-term loans...

He Spent 5 Years Trying to Achieve That Magic '850'

Steve Michell of Texas details his challenging journey to a perfect credit score

(Newser) - For five years, Steve Michell of Texas had a stellar credit score hovering in the 840s—but not a perfect score of 850, which drove him bonkers. And so the Texan who always paid on time and had no real debt started playing around with all of his credit cards,...

Why Your Credit Score Might Be Going Up

Change in way they're calculated will be more forgiving of medical debt

(Newser) - A modification to how one of the most common credit scores is calculated will mean better credit ratings for many Americans, reports the Wall Street Journal . Fair Isaac Corp. said yesterday that it won't place as much emphasis on medical debt when calculating consumers' FICO scores and will turn...

1 in 4 Americans a Credit Risk

Credit scores sink to new lows

(Newser) - Thanks to the Great Recession, the credit scores of millions more Americans have sunk to new lows. New figures show that an astounding 1 in 4 households are now in the lowest credit category, boosting the number of those considered poor lending risks to 43 million. Even more consumers are...

Credit Scores Plunge as Consumers Twist in Wind

Average drops 6 points, likely to fall further

(Newser) - Consumers are caught in the credit crunch, and their scores are starting to show it, USA Today reports. The average TransUnion credit score fell 6 points between the third quarter of 2008 and the first of 2009, and the group’s financial services director expects it to fall even more...

Experian Cuts Access to Credit Scores

Consumers are about to know 33% less about their credit rating

(Newser) - Knowing their credit rating will become one-third harder for consumers as of tomorrow, USA Today reports. Experian, one of the three major companies that calculates credit scores, has canceled its deal with the company that provides the info to consumers, meaning millions will lose access to Experian's version of the...

New Credit Scores in Play Today

Fair Isaac Corp. hopes new scores will better predict consumer defaults

(Newser) - New credit scores intended to make identifying bad risks easier make their debut today, with TransUnion taking the lead in offering “FICO 08” metrics, reports the Wall Street Journal. The new formula is more forgiving of one-time lapses than its predecessors, but popularizing it may take years, according to...

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