FICO is updating the way it determines credit scores: The firm says about 40 million Americans' scores will drop by 20 points or more, and a similar number should go up by as much.
than any other consumer debt category; Americans owe more than $300 billion on them. There are all kinds of personal loan offers in the mail, online and on TV. Many promise to lower your interest rate by consolidating credit card debt into a single loan.
That's not good news for people who are struggling financially, says Marisabel Torres with the Center for Responsible Lending."It sounds like we're penalizing people for getting into a bad situation." With some loans, especially home mortgages, lenders tend to use older versions of the FICO score, so the new version won't have an impact on all types of lending.
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