03-28-2013 02:24 PM
Very interesting. But, I am in the opinion that this is just to add even more confusion, although it does sound better.
"Here's how a lender's choice of scoring systems could affect you. Say you have a $50 collection account from a medical bill your insurance was supposed to pay but didn't. You discover the problem and pay the collector. If your lender uses VantageScore 3.0 or even FICO 8, which ignores collections under $100, your scores won't be affected by this blemish. If your lender uses the classic FICO, you might get charged a higher interest rate or even get turned down for a loan or credit card."
In the example given, I would suspect that the lender will see both and then choose to use the classic FICO.
Gardening since 3-17-13