One new application has been approved for State Farm Insurance - Jeff Mundy.

Prospective members can obtain an application from Holly Hutchison, membership chair, or any DMBA officer or board member.

Any member with a comment concerning the pending admittance of any companies, positive or negative, should contact Holly at Holly.L.Hutchison@SouthernOhio MortgageLLC.com.

Fair Isaac Corp (FICO Credit Score) has developed a new scoring model which is promising to do a better job at predicting defaulting. The new scoring model (FICO 08) is expected to be effective this spring.

Authorized user accounts under FICO 08 will negatively impact the people who give a credit card to a spouse or child. The change is aimed at stopping individuals who have poor credit from piggybacking off of someone’s good credit. FICO 08 will not take into consideration credit card accounts for an authorized user but will hurt the legitimate users.

FICO 08 will be giving more points to borrowers with variety of credit types, draw greater distinctions in seriously delinquent accounts and penalizes at a higher degree borrowers who use a high percentage of their available credit.

Experian in the process of implementing the new scoring model and TransUnion is expected to have FICO 08 available for lenders by the second quarter of 2008. Equifax has indicated that will not move forward with FICO 08 until a lawsuit is resolved with Fair Issac Corp.

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