1.27.20 Coronavirus impact; FedEx email scam; FICO credit score changes

We face unknowns with the Coronavirus outbreak. Some practical matters to be aware of. Historically, odds favor the virus not becoming widespread in the U.S and Canada. The travel industry is in ongoing response mode. Isolation has begun with Chinese cruises generally canceled around affected areas. Airline policies vary including refunds on flights to China and other parts of Asia. The stock market - especially travel companies - are being hit hard right now in the wake of the Coronavirus too.

FedEx and UPS have issued warnings in the last 24 hours to be aware of receiving a text or email claiming you have a package scheduled for delivery. These phony messages contain viruses. If you click and answer the questions, criminals get your personal info. Set up your own personal account with FedEx and UPS to receive for clear notifications that don’t require you to click to open.

New factors will be weighed more heavily in the new FICO scoring model. Lenders are starting to get nervous as more people carry debt. Here we are with low unemployment yet more people carry debt. There are hundreds of credit scores. Even using the same scoring model, the credit bureaus will come up with different scores from different items on credit reports. These scores indicate a general direction. All this only amplifies previous advice about how to protect your credit reputation. Come up with an effective way to make sure every bill gets paid on time, every month. Also, lowering your utilization rate will be even more impactful moving forward.

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