A New Credit Report For Mortgage Lenders
It 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®".
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
- 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. To learn more, CLICK HERE.