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FICO changes may save consumers billions -- but not soon, experts say
FICO changes may save consumers billions -- but not soon, experts say

America’s most widely used credit-scoring system is being revised to reduce the negative effect of overdue medical bills and to quit penalizing consumers who pay off debts that had been assigned to collection agencies. The changes to the hugely influential FICO scoring system could make it easier for millions of Americans to get loans at lower rates and eventually save consumers billions of dollars. Experts cautioned, however, that borrowers might have to wait for a year to see change because lenders will not quickly overhaul their systems to evaluate consumers and price loans for them.    For consumers whose only major delinquency is an unpaid medical bill, the changes...

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