April 24, 2020 – While we’re distracted by COVID-19… FICO recently made a big announcement, and no one is talking about it…
They say, “An ounce of prevention is worth a pound of cure.” And that’s FICO/Lender’s move right now.
FICO recently announced major changes to the FICO credit scoring model set to hit your credit report this summer.
This update will impact over 120 million Americans and in comes right as the FED and regulators fear that Americans are over-extended while the US is on the brink of a recession.
FICO is expecting 10-19% less default rates as a result of this correction (in the end, meaning less ppl will qualify for credit, but will save lenders…).
This comes as total household debt in the U.S. has steadily increased for about 2 years, and currently sits at about $13.95 trillion as of September 2019, according to the Federal Reserve Bank of New York. That’s higher than the previous high of $12.68 trillion seen right before the 2008 financial crisis.
This is tough news for first time homebuyers as mortgage loan program guidelines tighten up as risk for default increases due to the COVID-19 aftermath.
I explain what you and every American needs to know about the new FICO 10 credit score changes and how you may be impacted.
(Since the media isn’t talking about this, let your friends and family know what’s about to take place in July. You can read the formal announcement from FICO in a linking the comments below).
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