HousingWire – Brena Swanson
FICO introduced its new FICO Score 9 as a way to assess consumer collection information, bypassing paid collection agency accounts and differentiating between medical and non-medical collection agency accounts. The latest product ensures that medical collections have a lower impact on the score, commensurate with the credit risk they represent. As a result, median FICO scores for consumers whose only major black marks are unpaid medical debts are expected to increase by 25 points Although its close competitor VantageScore was quick note that technology is similar to its own product released back in March.
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