Every American of a certain age knows what a FICO score is. A FICO score is the measure by which your credit rating is judged, and it can affect every area of your life. However, there may be relief on the horizon for some people. After studies conducted by the Consumer Financial Protection Bureau and a period of re-evaluation, the mechanic for calculating FICO scores is being upgraded and made more exact, which will improve some scores noticeably.
Debts Are More Complex
The impetus behind the review and upgrade of the FICO software is a realization, spurred on by the CFPB studies, that debt models for modern Americans are growing increasingly more complex. Regulatory changes and shifts in family dynamics are affecting credit scores.