Will your credit score change? Who will be affected by FICO’s New Credit Score Changes?
Fico 10 Suite: Changes to Credit Scoring
1. 24 Month Look back period
2. Personal Loans
FICO has built a new suite of scoring models that will be available from all three credit reporting agencies (Experian, TransUnion and Equifax) to lenders by the end of 2020. FICO 10 aims to enhance the predictive power of your credit score by integrating trended credit bureau data. Different than traditional credit bureau data, the use of trended data considers a more complete picture of your credit usage by including past data from the preceding 24 months. Past data will include things like account balances and credit usage with the hope of giving lenders a more complete picture of how customers manage their credit over time.
Fico 10 will still rely on the five main factors used in previous models to determine your credit score. These are:
– payment history
– amounts owed,
– age of credit history,
– credit mix and
– new credit accounts
The new models will treat late payments and debt more severely, but will also now consider historical information about your credit card balances and payment amounts.
Who is going to be affected and How to Avoid a credit score drop.
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