It will be easier for millions of consumers to get loans for homes, cars and other large ticket items, according to the Wall Street Journal. Fair Isaac Corporation, the company that determines FICO credit scores, will not count collection accounts if the bill has been paid or settled with the collection agency. The company will also give less weight to unpaid medical bills that are sent for collection.
This is great news for those looking for home loans. With the change in scoring, many can now qualify for home loans, or see a lower rate on new loans they apply for.
See the complete article here: