There is new hope where credit scores are concerned. There is a new type of credit score out there now that brings hope to more because it is different than the traditional credit score and takes different things into consideration. If you are even slightly considering getting a loan this is something that you should know about.
Early in the month of July, two companies joined forces. These companies are FICO and CoreLogic. They are working together to bring a new type of credit score to the masses, this credit score system is called FICO Mortgage Score Powered by CoreLogic. This new type of credit score is designed specifically for mortgage lenders.
This credit report includes information that the traditional credit report left out. It does take into consideration the borrower’s repayment habits. For example it checks into whether you paid your child support payment on time, paid your rent on time, or paid back a payday loan on time. The new credit score takes it all into account to find out what the borrower’s payment history is for all the other things in their life that they were responsible for paying for.
So what does this mean for you? It means that if you pay your rent, child support, or whatever else you have to pay every month on time, you are going to have a better score. Having a better score will help you if you need to get a loan. It will not only help you to get the loan but it could also help you to get a better interest rate.
With this new credit score you still need to get your hands on it and look it over. You need to make sure that everything on there is accurate. All the information is public record so you should look closely at it to make sure that everything is accurate. You should be as diligent about checking your credit report with this new credit score system as you are with a traditional one.
This is a new credit score system and has not been implemented everywhere yet. If you are thinking of getting a loan and you want to use this type of credit score you will have to ask your bank if they use it. If they do not, you might have to look around for a different bank that will use this type of credit score. It is likely that this new credit score system will catch on and will be implemented everywhere.
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