Topic: Applicant Credit & FICO Score Changes Coming

I recently read this article about changes FICO is making to credit scoring. I have provided a link at the end.

Two of the highlights of the article are:

1. They will lessen the impact medical bills have on the score.

2. They will stop counting collections that have been paid in full.

In my market, the largest "corporate" communities use services like One-Site to make decisions for us.

My company gives us the power to approve or deny applicants based on pre-set criteria, which we give to the applicant prior to applying.

We pull their credit reports, review their accounts and make a decision. We don't count medical bill or student loan collections.

In the last month, nearly every report I have run either owes an apartment complex or utility bill.

White reviewing a report this morning, I saw in the description of the account "Utility Company", so I flagged it for denial, unless they pay it in full (our policy).

When I went back for a 2nd look, it was VERIZON. I was not aware Verizon was a utility company. I have not seen this before from a cell phone company.

For those companies who deny applicants owing utility companies, what do you think about this? The balance due was $2200.

I have seen so many people owing cell phone companies I even considered not counting them, the same as student loans and medical bills.


Here is the link to the FICO article

www.kirotv.com/news/news/national/what-f...ight-mean-you/ngx82/

Hi Sandy,
Verizon has a FIOS service that is probably what you are seeing.

Hi Sandy,
In addition to Brent's comment, Verizon actually is the utility provider for the home/land-line telephone service in my area of Virginia. Thanks for the highlight of these important changes!