FICO Score Changes Could Take Effect This Summer

If you're in the market to purchase a home, this information could be very important for you! FICO score calculations will be changing and consumers can expect to see the effects as early as this summer. 2019 brought a new high average score of 706, and with the pending changes, millions of more people could see additional score increases. These updates will not be positive for everyone though. The recent updates put a higher weight on current debt and recent missed payments, so consumers that have fallen behind on payments or have higher existing debt levels could see a negative impact from the new system. If you're planning to buy a home in the near future, talk to your lender or a financial professional to find out how the changes may effect you.

https://www.floridarealtors.org/news-media/news-articles/2020/01/big-change-credit-scores-could-impact-homebuyers?fbclid=IwAR178Q4ipXhu4EEQ97MDEldC-daBuwU_ZlQoSaoopyR_GRMwVsFGNvPGL8c