Will FICO's new credit scoring policy be beneficial for people in the U.S.?

  • FICO's new credit scoring policy will be beneficial.

    By dismissing unpaid medical debt in the FICO credit score, millions of Americans will have the opportunity to have an improved credit score allowing them to gain better interest rates on loans, pre-qualifying for properties etc. Improving the credit score of many Americans can lead to internal investment, stimulating the economy and improving individuals quality of life.

  • Yes, it will be beneficial.

    If you have had issues with collections in the past, but the balance has been paid I don't think that it's fair that FICO was previously showing that to potential creditors. If the issue is resolved, it shouldn't be allowed to sway their opinion of you by its mere presence.

  • Yes, FICO's new policy should benefit Americans with medical debt

    Medical debt is a huge problem in the United States with the soaring price of healthcare. Millions of people have medical bills tarnishing their credit report, which is otherwise fairly spotless. With the new changes being implemented by FICO, medical bills will carry a different weight than other debts. This will create a more level playing ground for otherwise good consumers, who were sidetracked by an unexpected surgery.

  • No, a new scoring system won't change habits.

    A big part of credit scores is that most people do not full understand how it works. If you change the metrics, then everyone has to learn a new system. Ultimately the new scoring policies won't do anything to change habits. Education and discipline are the key to earning better credit.

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