New Changes To Credit Scores Could Make Securing A Loan Easier

    (AP File Photo)
    (AP File Photo)

    Changes are coming that could help more Americans get a car loan or mortgage.

    FOX News Radio’s Tonya J. Powers has the story.

    You’ve heard of the all-important “FICO” credit score?

    Now, FICO says it will stop including records of people failing to pay a bill if the bill has been paid or settled by a collection agency.

    That may translate into an easier time getting a loan for tens of millions of Americans.

    Under the new change, FICO will give less weight to unpaid medical bills that are with a collection agency.

    Since the recession, many banks and lenders have approved only people with spotless credit; and this may open up the chance for more loans without creating more credit risk.

    Toyna J. Powers, FOX News Radio.

    You May Be Interested In...