Peering into the crystal ball for 2016, WalletHub, a personal financial resource and website, set out to see what the New Year has in store for a number of economic indicators.
For the most part, finances will continue in the current state: a few advances here, a few set backs there and a little trepidation on the part of all the prognosticators.
WalletHub sees 10 important financial developments that will provide challenges and opportunities for people’s pocketbooks and their investments in 2016 based on predictions from a number of leading financial experts. The report is available here. Following is the future as WalletHub sees it, in reverse order of importance:
10. Fannie and Freddie will say farewell to FICO.
FICO credit scores are outdated. The proposed Credit Score Competition Act of 2015 in Congress would allow Fannie and Freddie to consider alternative credit scoring models. This bill has little chance of passage, but the combination of public pressure, rare bipartisan support and the fact that Fannie and Freddie need to tread carefully with members of Congress will likely result in changes, WalletHub says.