United Credit Education Services and TJT Financial Services
Providing credit solutions that work!
Hello, my name is Tim J Thrift certified credit consultant and Qualified Field Trainer of
United Credit Education Services.
Providing credit solutions that work!
Hello, my name is Tim J Thrift certified credit consultant and Qualified Field Trainer of
United Credit Education Services.
The Fair Issac Corporation, the developer of the widely used FICO credit score, has created a new credit scoring model called FICO 08. Currently, most lenders use consumer FICO scores to determine interest rates, loan terms, insurance rates, etc. FICO scores are also being used to determine utility, rental and employment ability or eligibility.
The new credit scoring model will assist lenders in reducing the cost of default rates on consumer loans between 5 and 15 percent. FICO 08 also has intentions of being more lenient on those consumers who occasionally make a late payment versus those who are consistently late. Consumers with only one late account will be given a slightly higher score than those with several delinquent accounts. These consumers could see a significant drop in their credit score. Similar to the current credit scoring system, FICO 08 will stake into account the same factors, such as payment history, length of credit history, the credit mix, amount of debt and the amount of new credit. Unlike the current credit scoring model, FICO 08 will not take into account an authorized user. The new credit scoring model is expected to launch by late spring. Keep your clients updated as they anticipate the new credit scoring system change.
Contact me today for a FREE debt and credit consultation at 248-830-4832 or visit my website http://www.tjtfinancialservices.com/ e-mail: tim@tjtfinancialservices.com
The new credit scoring model will assist lenders in reducing the cost of default rates on consumer loans between 5 and 15 percent. FICO 08 also has intentions of being more lenient on those consumers who occasionally make a late payment versus those who are consistently late. Consumers with only one late account will be given a slightly higher score than those with several delinquent accounts. These consumers could see a significant drop in their credit score. Similar to the current credit scoring system, FICO 08 will stake into account the same factors, such as payment history, length of credit history, the credit mix, amount of debt and the amount of new credit. Unlike the current credit scoring model, FICO 08 will not take into account an authorized user. The new credit scoring model is expected to launch by late spring. Keep your clients updated as they anticipate the new credit scoring system change.
Contact me today for a FREE debt and credit consultation at 248-830-4832 or visit my website http://www.tjtfinancialservices.com/ e-mail: tim@tjtfinancialservices.com
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