BUSINESS

Credit Scores: FICO Formulas Are Being Changed By Lenders

11/22/2009 05:12 am ET | Updated May 25, 2011

Long after the economy recovers, millions of Americans will be left with a grim legacy of the recession: damaged credit scores, the three-digit ratings that help determine consumers' ability to get loans and other types of credit.

Even though some consumers have seen their credit scores improve as they trim their debt, others have seen their scores drop significantly because of late payments on bills, foreclosures and rising credit card debt.

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