If you haven't looked at your credit report recently, you should do it now

Knowing your credit score is one of the first steps in taking control of your finances. But for some Americans, that credit score could see a change soon.

That’s because Fair Isaac Corp., the company that created FICO scores (which determine consumer’s credit ratings), is changing the formula for how it adjusts FICO scores.
According to one of FICO’s vice president of product management and scores, most consumers will see only a small change in their scores (less than 20 points up or down). Others, however, could see a sharp increase or decrease in their scores depending upon the type of debt they carry and how they manage that debt.

Under the new model, consumers may see bigger penalties if they are using personal loans to consolidate credit card debt while simultaneously increasing the debt owed on those credit cards. Missed payments will also penalize consumers, as will recent trends of increasing debt and credit usage.

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