FICO Credit Scores Might be Changing

Most lenders rely on the FICO credit score to determine a borrowers eligibility for lending. Changing to the FICO score calculation, called FICO 08, will make consumers score less sensitive to an isolated incident of late payment or late payment(s) that were a few years back, and more sensitive to multiple late payments in the present, according to Craig Watts, Public Affairs Manager, for Fair Isaac Corporation, the creator of the credit scoring system, as posted on The Seattle Medium.
Some of the changes will help consumers credit scores… for example, if you happen to be more than 90 days late on one account, but everything else is being paid up to date - your score won’t be affected as much as it would have been previous to changes in the FICO scoring formula.