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
• 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.