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New System for Fico Credit Scores

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posted on Aug, 8 2014 @ 12:01 PM
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FICO just released the newest edition of its general credit scoring model, FICO Score 9. The big changes come in the area of debt collection: The score will not include paid collection accounts, and it differentiates medical collection accounts from non-medical debt.

These are significant changes for a few reasons: First, medical debt is often beyond the consumer’s control, because unlike an unpaid rent check or utility bill, the consumer may have no way of anticipating healthcare needs or medical bills and, as a result, may not accurately reflect a consumer’s typical payment practices.

New System for Fico Credit Scores

I think this is a move in the right direction toward fixing this country's credit woes by separating Medical debt from traditional debt. Certain systems, or ways of doing things are outdated and need over-hauling. I think Social Security should be next. Not to get off topic, what does ATS think about this development for the well being for the US? I'm not a financial person so there's not much for me to add as far as my input goes but that I think it's a good idea. I'm also glad to see that positive action is being taken to move the country forward. Will updating how FICO scores are made affect the US positively? I don't know. What says ATS?




posted on Aug, 8 2014 @ 12:16 PM
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Well this might allow people to get deeper into debt.

New debts always help with the inflationary bank ledgers.

Also sounds like they are anticipating bigger medical debt piling up from big new insurance company deductibles.

Kredit
..Karma
....Free




posted on Aug, 8 2014 @ 12:18 PM
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originally posted by: xuenchen


Kredit
..Karma
....Free




"I even know my blood type!"
"Oh wow that's impressive!"


Commercials make me want to punch society in the ear.



posted on Aug, 8 2014 @ 12:18 PM
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a reply to: lostbook

I think it's good that they made this official!
Medical bills have always been taken into consideration differently than other debt loads when qualifying a person for a new purchase/loan/line of credit, but none of those considerations ever really reflected on the overall credit score. It was only used on a case by case basis; standardizing this type of practice should help boost the economy at least a little I would think.



posted on Aug, 8 2014 @ 12:19 PM
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Everybody has screwed up credit now, so they have to lower the standards of the score to qualify more people for loans.

It's like teachers dumbing down their tests so that more students will pass, making them look good for their bosses and fooling the retarded masses in the process.
edit on 8/8/14 by NthOther because: (no reason given)



posted on Aug, 8 2014 @ 12:21 PM
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originally posted by: xuenchen
Well this might allow people to get deeper into debt.

New debts always help with the inflationary bank ledgers.

Also sounds like they are anticipating bigger medical debt piling up from big new insurance company deductibles.

Kredit
..Karma
....Free




H.m.m.m..Interesting viewpoint. It makes sense that if some people's credit changes for the better, they could amass even more debt. I hadn't thought of that..thanks!



posted on Aug, 8 2014 @ 12:21 PM
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originally posted by: lostbook


FICO just released the newest edition of its general credit scoring model, FICO Score 9. The big changes come in the area of debt collection: The score will not include paid collection accounts, and it differentiates medical collection accounts from non-medical debt.

These are significant changes for a few reasons: First, medical debt is often beyond the consumer’s control, because unlike an unpaid rent check or utility bill, the consumer may have no way of anticipating healthcare needs or medical bills and, as a result, may not accurately reflect a consumer’s typical payment practices.

New System for Fico Credit Scores

I think this is a move in the right direction toward fixing this country's credit woes by separating Medical debt from traditional debt. Certain systems, or ways of doing things are outdated and need over-hauling. I think Social Security should be next. Not to get off topic, what does ATS think about this development for the well being for the US? I'm not a financial person so there's not much for me to add as far as my input goes but that I think it's a good idea. I'm also glad to see that positive action is being taken to move the country forward. Will updating how FICO scores are made affect the US positively? I don't know. What says ATS?



This will be a great thing for putting people deeper into debt. Anyone whose credit score prevents them from adding more debt will only dig the whole deeper once their score is raised.

I've worked in finance... it's sad.

The whole credit system is a giant scam and I want no part of it.



posted on Aug, 8 2014 @ 12:23 PM
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originally posted by: NthOther
Everybody has screwed up credit now, so they have to lower the standards of the score to qualify more people for loans.

It's like teachers dumbing down their tests so that more students will pass, making them look good for their bosses.


Makes you wonder if with our deplorable educational system, they'll have to dumb down everything to remain current with societal norms.



posted on Aug, 8 2014 @ 12:26 PM
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originally posted by: Answer

originally posted by: lostbook


FICO just released the newest edition of its general credit scoring model, FICO Score 9. The big changes come in the area of debt collection: The score will not include paid collection accounts, and it differentiates medical collection accounts from non-medical debt.

These are significant changes for a few reasons: First, medical debt is often beyond the consumer’s control, because unlike an unpaid rent check or utility bill, the consumer may have no way of anticipating healthcare needs or medical bills and, as a result, may not accurately reflect a consumer’s typical payment practices.

New System for Fico Credit Scores

I think this is a move in the right direction toward fixing this country's credit woes by separating Medical debt from traditional debt. Certain systems, or ways of doing things are outdated and need over-hauling. I think Social Security should be next. Not to get off topic, what does ATS think about this development for the well being for the US? I'm not a financial person so there's not much for me to add as far as my input goes but that I think it's a good idea. I'm also glad to see that positive action is being taken to move the country forward. Will updating how FICO scores are made affect the US positively? I don't know. What says ATS?



This will be a great thing for putting people deeper into debt. Anyone whose credit score prevents them from adding more debt will only dig the whole deeper once their score is raised.

I've worked in finance... it's sad.

The whole credit system is a giant scam and I want no part of it.


This would be a cool thread for ATS if you were to do it.



posted on Aug, 8 2014 @ 12:32 PM
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originally posted by: lostbook

originally posted by: Answer

originally posted by: lostbook


FICO just released the newest edition of its general credit scoring model, FICO Score 9. The big changes come in the area of debt collection: The score will not include paid collection accounts, and it differentiates medical collection accounts from non-medical debt.

These are significant changes for a few reasons: First, medical debt is often beyond the consumer’s control, because unlike an unpaid rent check or utility bill, the consumer may have no way of anticipating healthcare needs or medical bills and, as a result, may not accurately reflect a consumer’s typical payment practices.

New System for Fico Credit Scores

I think this is a move in the right direction toward fixing this country's credit woes by separating Medical debt from traditional debt. Certain systems, or ways of doing things are outdated and need over-hauling. I think Social Security should be next. Not to get off topic, what does ATS think about this development for the well being for the US? I'm not a financial person so there's not much for me to add as far as my input goes but that I think it's a good idea. I'm also glad to see that positive action is being taken to move the country forward. Will updating how FICO scores are made affect the US positively? I don't know. What says ATS?



This will be a great thing for putting people deeper into debt. Anyone whose credit score prevents them from adding more debt will only dig the whole deeper once their score is raised.

I've worked in finance... it's sad.

The whole credit system is a giant scam and I want no part of it.


This would be a cool thread for ATS if you were to do it.


Que?



posted on Aug, 8 2014 @ 01:10 PM
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I always thought we were entitled to one free credit check per year, so we could have a better understanding of where we stand.

Only this year works different, None of the big 3 give you a credit score anymore, You can still look at your full credit report, but the score is omitted for a fee. This is using the Official .gov website to visit the 3 credit bureaus

What kind of # is this? I already know I pay my bills on time, I want my damn score!



posted on Aug, 8 2014 @ 02:49 PM
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Well, as someone who has about 10,000 dollars in debt can someone here tell me any legit ways of fixing my credit score? since were on the issue...



posted on Aug, 8 2014 @ 04:01 PM
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originally posted by: Thisbseth
Well, as someone who has about 10,000 dollars in debt can someone here tell me any legit ways of fixing my credit score? since were on the issue...



Full system collapse is imminent, I wouldn't worry too much about such things. Pay off your credit cards if you can, & find a very inexpensive hobby, like sleeping. Maybe get a side job as a repo man.



posted on Aug, 8 2014 @ 04:55 PM
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a reply to: lostbook

Definitely a good move. When you get slapped with a hundred grand in medical bills and can't pay them, it does not mean you were dishonest or tried to screw someone. There should be accounting for that. Hospitals send the bill to the collection agency within a few months now, This may have something to do with reimbursement. You can't make deals with the hospitals anymore they get their money by other means set up by the government if they send it to collections. Then, you pay and the government insurance agreement pays. So this means everyone's insurance goes up.I read the change in how they do this, it is complicated.



posted on Aug, 8 2014 @ 05:04 PM
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originally posted by: Answer

originally posted by: lostbook

originally posted by: Answer

originally posted by: lostbook


FICO just released the newest edition of its general credit scoring model, FICO Score 9. The big changes come in the area of debt collection: The score will not include paid collection accounts, and it differentiates medical collection accounts from non-medical debt.

These are significant changes for a few reasons: First, medical debt is often beyond the consumer’s control, because unlike an unpaid rent check or utility bill, the consumer may have no way of anticipating healthcare needs or medical bills and, as a result, may not accurately reflect a consumer’s typical payment practices.

New System for Fico Credit Scores

I think this is a move in the right direction toward fixing this country's credit woes by separating Medical debt from traditional debt. Certain systems, or ways of doing things are outdated and need over-hauling. I think Social Security should be next. Not to get off topic, what does ATS think about this development for the well being for the US? I'm not a financial person so there's not much for me to add as far as my input goes but that I think it's a good idea. I'm also glad to see that positive action is being taken to move the country forward. Will updating how FICO scores are made affect the US positively? I don't know. What says ATS?



This will be a great thing for putting people deeper into debt. Anyone whose credit score prevents them from adding more debt will only dig the whole deeper once their score is raised.

I've worked in finance... it's sad.

The whole credit system is a giant scam and I want no part of it.





This would be a cool thread for ATS if you were to do it.


Que?



Esto sería un idea fresco para ATS si tuviera que hacerlo.


It must be pretty bad out their since they wouldn't do this unless they have no choice in order to give out loans. I would be curious to see what hidden gems they put in their to force payback.
edit on 08831America/ChicagoFri, 08 Aug 2014 17:08:37 -0500up3142 by interupt42 because: (no reason given)



posted on Aug, 8 2014 @ 05:34 PM
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a reply to: lostbook
What needs to be fixed is this, revolving accounts, like credit cards hold more weight than making car payments, or even a mortgage on time like clock work, that score will not raise not even a few points which honestly it should, insurance , phone and other payments such as utilities that have to be paid just the same, but these same accounts if you are late will drastically count against you, the entire credit scoring system is totally flawed, you can go out and open a bunch of 10 dollar a month credit card accounts, open a line of credit off your own deposit and as long as you are paying the banks their fees and monthly service charges, your score will go up considerably but you may not even have a mortgage or car payment to worry about, we know that banks use debt to income, credit scores need complete revamping, and also how they are used for and against consumers.

It has been proven the credit system can be gamed and it really does not show whether you are truly worthy or won't turn into a bad risk honestly, a nice theoretical but there have to be better ways to determine credit worthiness.

The other problem is this, private and government employers using your consumer credit report to deny you employment or make a decision not all states do this though which should clearly show not everyone agrees on this correlation.

I know a lot of people that landed in the unemployment line and were great people, worked their butts off and then got behind on bills due to either a layoff or loss of job, and in a perfect scenario they would be great employees, and would pay their bills, but because of credit scoring their job search has been made all that more difficult because some of them are sure their credit report weighed on the decision of not being hired or offered employment.


edit on 8-8-2014 by phinubian because: added info



posted on Aug, 8 2014 @ 06:01 PM
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Fico scores is a total scam, just like the rest of this big Ponzi.



posted on Aug, 8 2014 @ 10:41 PM
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I am 63 and never had a Credit Card.

I have only bought one car on Credit and that was 30 years ago.

I have no Credit score and don't believe in the system because it penalizes those that do not use Credit.

My FICO credit score is sooooo low its off the chart.

I don't worry about identity theft because of my FICO credit score.



posted on Aug, 8 2014 @ 10:48 PM
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originally posted by: Thisbseth
Well, as someone who has about 10,000 dollars in debt can someone here tell me any legit ways of fixing my credit score? since were on the issue...


Well, I think these changes are for people with credit problems or low credit scores not for people who don't have problems.



posted on Aug, 8 2014 @ 11:04 PM
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It seems to me that what needs to be fixed is the need for a credit score at all. Society needs to be convinced that the use of credit is what eats them alive.





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