Personal Finance News Monday 3/11

Phil's Personal Finance Tip of the Day:

New credit score could help millions

By Blake Ellis | CNNMoney.com 

A new credit scoring model will potentially boost scores for many credit applicants and help establish credit for millions of people who previously had little or no credit history.

The new scoring model will be used in the latest version of the VantageScore, the credit score created by the three major credit bureaus -- Experian, Equifax and TransUnion.

Currently, debts that go into collections, even if they are paid off, are factored into all credit scores for up to seven years, said John Ulzheimer, president of consumer education for SmartCredit.com. But VantageScore 3.0 will no longer factor these accounts into a consumer's score if the debt was paid in full or settled, just as long as the balance is zero.

To read the entire article from Blake Ellis | CNNMoney.com:
http://finance.yahoo.com/news/credit-score-could-help-millions-170500824.html

Inspirational Quotes@Inspire_Us from Twitter:
I'm a great believer in luck and I find the harder I work, the more I have of it. -Thomas Jefferson

Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com