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Credit Score | Madison Area, WI Top Real Estate Team...... Blog

Monday, February 3, 2020   /   by Ryan Huemmer

New Credit Score Model Launched

Fair Isaac Corp., the company behind the popular FICO credit score, announced the launch of its latest FICO 10 model on Jan. 23, that will start incorporating consumers’ debt levels into their scoring model.


Amber uses Credit Karma to monitor her accounts and score........it's FREE!

This comes as total household debt in the U.S. is on the rise and currently sits at about $13.95 trillion as of the end of 2019, according to the Federal Reserve Bank of New York. That’s higher than the previous high of $12.68 trillion seen right before the 2008 financial crisis.

Those who fall behind on their loan payments, they are more likely to see a drop in their score. FICO also plans to flag consumers who sign up for personal loans, which are generally considered more risky since these are unsecured and typically do not require collateral like a car or a house.

The new scoring model will also likely create a wider gap between those who are considered good credit risk vs ...

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