Revisions on the improved FICO credit scoring system:

With debts below the $100 mark, the collection amount will not be counted as opposed to the bulletin that it would be still be counted, although at a lesser amount. It is also being utilized by all three credit bureaus, in spite of concerns that there might be problems with them accepting the new credit scoring system.

On the other hand, major mortgage corporations such as Fannie Mae and Freddie Mac are still using the old FICO credit scoring system. This may pose a bit of a problem when applying for a mortgage from them since your credit status will be based on the old FICO.

However, to keep your credit ratings within good levels, based on either the old or new FICO system, it is always best to make prompt monthly bill payments, maintain a low debt and high credit ratio, and vigilantly reviewing and reporting any errors on your credit report. Consult a Texas credit attorney for further details.