(CNN) — your credit score could soon— go down or up.
FICO announced Thursday its version that is latest regarding the FICO rating, a three-digit quantity that assesses a person’s credit danger. The brand payday loans for bad credit new scoring model will require consumers’ financial obligation amounts into consideration and can more closely monitor unsecured loans.
Past scoring models took snapshots of the person’s payment history. The model that is new simply take a historical view of re re payments over time and may process so much more information, including account balances for the past couple of years, planning to offer loan providers more understanding of just how people are handling their credit, FICO stated. (more…)