The new change in the way credit scores are calculated, an adjustment designed to help more consumers qualify for better loan rates, may have less impact than those who created those adjustments might think.
In addition, credit unions that do plan to adjust their underwriting criteria based on the new standards may take longer than expected to implement the changes.
There is nothing inherently wrong with the changes to FICO score calibration announced Aug. 7, credit union lending officials said. But the new standards designed to ease pressures on consumer credit is something many credit unions already do when evaluating member loans.
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