FICO 08 may help borrowers boost their credit score

The new version of credit scoring system, FICO 08 will help borrowers in improving their credit score. Minor delinquencies like an unpaid utility bill, unpaid library fines or parking tickets will now be ignored while calculating the creditworthiness of the borrowers.

Under FICO 08, small, missed payments which are in collections with original amount of $100 or less will no longer damage your credit score. The new system has been at Experian, TransUnion and Equifax since last month. This change has been brought in order to provide lenders with a better risk assessment of borrowers.