This Upcoming Change In Credit Scoring Might Give You A Boost

Could this positively effect your credit score? What are your thoughts? Keep in mind, “Hang up your problems and move on to better.” There’s hope!

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Credit scoring is an imperfect science. In essence, it’s about estimating how likely someone is to pay back money borrowed based on their history of doing so in the past. Given a number of situational factors, it’s important though the the industry reexamine its standards every now and then. Well, there’s some good news: apparently the industry, aware of the tremendous medical costs faced by many Americans, has decided to put less emphasis on unpaid medical bills in scoring credit starting this fall.

“People who had a good credit history, where an unpaid medical debt was their only negative, they were still good, reliable customers,” Anthony Sprauve, a spokesman for FICO, told The Washington Post. “They’re not going to default; they’re going to pay their bills. The unpaid medical collections is an anomaly.”

Daily Finance has the story:

Fair Isaac (FICO), which produces the FICO score, will no longer include failures to…

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