New Model Should Substantially Help Your Clients’ Scores
It’s a busy time here at CMS; we show no sign of slowing down, and that’s a great thing!
Last week, Huffington Post published an interesting article detailing out changes that FICO is making to their scoring model, which should be beneficial to your clientele. We wanted to share it with you because as lenders begin to adopt the new model, called FICO 9, the average scores of your customers should bump significantly.
Changes include the addition of rental history and other alternative sources of credit to the reports and scores as well as a de-emphasis on medical debt and settled collection accounts. As the article notes, however, it will take a bit of time for lenders and other agencies to begin using the new scoring model; nothing will be immediately noticeable to your clients. It’s still a wise choice to inform them of these changes and the new scoring model so everyone knows what to expect in the coming months.
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