It’s hardly a secret that the recent financial activities have changed much in the world. Few areas feel this more than in real Estate. People losing their homes, incomes dropping or gone, loans getting hard to get, bail-outs for the banks, etc.
Something that may be a bit surprising is that the way credit scores are figured didn’t change (or very little if at all) throughout this time of trouble. It looks like that is changing. It seems that a completely new algorithm is going to be put into play.
While the new systems are brought into play the BIG QUESTION remains: Is it good for consumers? It is good for FICO, good for the CFPB (Consumer Financial Protection Bureau), but did it help the consumer?
That discussion is too involved to detail here. If you are looking for more info check this out:
If you want to know how it impacts you, check with your lender or give us a call. Check us out on facebook.