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FICO Updates and Their Impact on Credit Scores

Changes in how Fair Isaac calculates credit scores will create a bigger gap between people deemed to be good and bad credit risks.

FICO is rolling out new versions of its credit score this summer, FICO Score 10 and FICO Score 10 T. According to the Wall Street Journal, those with high scores already will likely get an even better score with the new system, while those with low scores could see theirs drop even further. 

Let's explore how FICO determines credit scores and what the changes may mean. 


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