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How changes in credit report affect credit scores

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The changes that have come to credit reports in 2023 will have a significant impact on credit scores.

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Credit bureaus will stop reporting delinquent medical debts under $500, which will be omitted from credit reports.

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This is expected to remove roughly 70% of medical collection debt from credit reports, around $88 billion.

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This change will help many consumers build or rebuild their credit worthiness, credit history, and credit scores.

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The new FICO® 10 credit scoring model will incorporate account balances for the last 24-plus months.

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This could result in a downward shift for those with recent delinquency or high credit utilization ratios.

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If you have been making timely payments, paying off debt, and using less credit line, you can see your score improve.

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The changes will help new borrowers with limited credit histories and those with paid medical debt to improve scores.

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This change is positive for consumers, as it will make it easier for them to move past their existing medical debt.

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