With all the concerns related to the recession, job loss, rising prices for food and medical costs, know that we are doing something else to worry about. Currently we have 2 types of credit scores, the FICO credit score, and the Vantage credit score, vantagescore.com. However, the three credit bureaus, Fair Isaac sued in 2006, accusing it of unfair and anticompetitive practices harmed, they said the FICO brand on the use of the Vantage score.
From late January or early February2009, a new credit score will replace the current FICO credit score called the FICO 08th The FICO 08 will score the same range of 300 to 850 as the current (classical) FICO.
The new FICO 08 will be used by Trans Union at the end of January 2009. Equifax starts with the new FICO 08 in the spring of 2009. Experian has not announced when using the new score Equifax, because it is waiting for the action to be filed by Fair Isaac solved.
Fair Isaac credit score under the new formulawas created as a result of demand by consumers because of rising defaults on installment payments and late payments to creditors. The FICO 08 claims for a better way of analyzing risk to consumers and offer the product will be used by most lenders to extend credit and fixed interest rates and other loan conditions. FICO scores are also taken into account in lending decisions by insurers, phone and utility companies, and are sometimes used by employers to assess prospects forEmployees.
Fair Isaac says that the majority of consumers will see a slight increase in the FICO 08 points compared to their current FICO score figures, but others will see a drop in their guests. Fair Isaac says the new formula will do a better job predicting consumers, which are a good risk and who are a bad risk, especially among consumers: not with a bad credit or short credit histories who are actively looking, credit or as authorized user lists ( "piggyback" on other "goodCredit).
Fair Isaac said FICO 08 is less harmful to those who have one serious credit setback, such as, for example, have had a charge-off or repossession, as long as their other active credit accounts are all in good standing. With a "moderate amount" of credit inquiries on your credit reports will not be as harmful to consumers under the new formula. No one knows what constitutes a "moderate amount". The consumer may, however, with some delinquent accounts experience a drop in their credit --Guests.
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