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A New Credit Report For Mortgage Lenders

Fico ScoreIt was announced recently that a new credit report would be available to the public and lenders.  In a partnership between Fair Isaac Corporation (FICO) and CoreLogic (CREDCO), the new report is called the “FICO® Mortgage Score Powered by CoreLogic®”. Core Logic

The purpose of the new report is to give lenders an advantage by providing non-traditional sources of information about your financial habits before applying for a mortgage.  Those will include:

  • property ownership and mortgage obligation records
  • landlord/tenant transactions and evictions
  • alternative lending activities
  • borrower-specific public data, such as:
  • judgments and liens
  • tax assessments
  • bankruptcies
  • child support obligations

And all this information is updated within 23 days of transaction.

This is a good reality check about your own credit report.  Since 85% of credit bureau reports have errors, now is the time to work with a credit restoration specialist to assist you in cleaning up your credit history, so it can be as accurate as possible, before you apply for a mortgage.  Not just mortgage loans, but auto loans, credit cards, signature loans, student loans…any kind of credit you may need for your family.

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