By John Rapasky
According to the Wall Street Journal, there will be a change in how FICO credit scores will be calculated. FICO said it will stop including in its credit score calculations any record of a consumer failing to pay a bill if the bill has been paid or settled with a collection agency. FICO will also give less weight to unpaid medical bills that are with a collection agency. These changes should help improve scores, thereby allowing more people to qualify for loans. These changes are scheduled to take place later this year.
As always, if you have any mortgage questions, or are looking for a loan, please contact us.
John Rapasky is the President of the Counsel Mortgage Group, LLC. You can learn about them at www.counselmortgage.com. Copyright © 2014 Counsel Mortgage Group®, LLC.
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