Here at Auto Credit Express, we have always told our customers that it is important to know your credit score. Starting in the spring of 2008, it may be even more important. Fair Isaac Corporation, the company that invented the FICO credit scoring system has introduced a new version called FICO 08. According to the company, the new system will be more forgiving with the occasional credit slip-up, while also changing the way it treats so-called “repeat offenders”.

What is the biggest change?

One of the biggest changes has to do with “piggybacking” on another person’s account. To help stop the trend of some credit repair agencies that have placed people as “authorized users” on the account of a stranger who has good credit, thereby raising the credit score of the “authorized user”, the FICO score will no longer take into consideration the better credit of the account holder when determining the credit score of the “authorized user”.

What does it mean to me?

What this means to the consumer is that if you haven’t checked your credit report and FICO score lately, it is possible that it has changed your credit score in a positive way. It also means even people who need a bad credit car loans are able to get a better interest rate on future car purchases.