The Credit Bureau Changes
Hurt or Help?
Not long ago, I had posted on this blog a note on the changes coming to the FICO credit score created and distributed(sold) to by Fair Issac.
Knowing your credit score is very important as it impacts mortgage rates, car loans, credit card loans, insurance rates and so much more. The changes came as a result of consumer groups and the Consumer Financial Protection Bureau(newly created after the fiasco in 2008) put pressure on Fair Issac.
The complaint, addressed in the changes, is that medical debt, collection debt paid, and the practice of not using credit heavily should not weight so heavily on an individuals credit score.
You will see in the article below that the changes have been made. You should be doing hand stands if your credit score was hampered by any of these causes if it is true that your credit score took a 25 point improvement(i.e. 650 to 675) with the change.
Such a bounce will definitely change your credit costs in the future and just may help you buy that car or house that you were hoping to buy in 2014.
No doubt, as with most credit related items, time will help that score to rise even further!!!!
Don't hurt yourself doing the hand stand!!!
Love your thoughts! Did you benefit???