FICO is making to major changes to how it calculates a consumer's credit score -
a. Medical bills no longer matter
The new score will ignore medical bills in collection, this is a big news for many Americans who were double hit by the sicknesses and then the bills.
b. Settled or paid off debts no longer matter
If you have paid off your debt, it should not negatively affect your credit score anymore, but it's not always this way - previously, your unpaid and paid collections counted the same in credit score calculations.
a. Medical bills no longer matter
The new score will ignore medical bills in collection, this is a big news for many Americans who were double hit by the sicknesses and then the bills.
b. Settled or paid off debts no longer matter
If you have paid off your debt, it should not negatively affect your credit score anymore, but it's not always this way - previously, your unpaid and paid collections counted the same in credit score calculations.
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