It appears that the the new FICO 9 scoring model is going to be better for Oregonians with scant reporting and medical collection accounts. The new model distinguishes medical debt from non-medical debt. The upshot is that Oregon consumers with unpaid medical collections could improve by as much as 25 points per account. Moreover, borrowers with multiple accounts in collection will no longer be penalized for any old debts carrying a $0 balance. Individuals with more than one account in collection could see scores boosted by as much as 50 to 75 points. The new FICO 9 formula is also kinder to Oregon consumers with limited credit histories, potentially making credit more readily available to younger Oregonians.
Our bankruptcy law firm generally believes that if you are carrying significant debt, the best thing you can do is improve your score is eliminate your unsecured debt in order to improve your debt to income ratio. Generally the best means for accomplishing that end is a bankruptcy filing.