Many consumers who have been denied credit or charged higher interest rates due to a low credit rating could soon be in a better position as the nation's most widely used credit scoring agency is revamping how it computes credit scores.
Fair Issac Corp., creators of the FICO score, announced its calculations will no longer include any record of a consumer failing to pay a bill if the bill has been paid or settled with a collection agency. The new FICO score also will give less weight to unpaid medical bills that have gone to collection agencies.
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