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FICO® Introduces New Mortgage Credit Score

Super Contributor

FICO® Introduces New Mortgage Credit Score

 

Introducing the "FICO® Mortgage Score Powered by CoreLogic".

 

http://www.foxbusiness.com/personal-finance/2012/07/11/fico-introduces-new-mortgage-credit-score/

 

A new FICO mortgage credit score unveiled Tuesday casts a wider net to capture consumer behavior not previously considered in whether to grant a home loan. The agency says it will make more people eligible for a mortgage, but critics say that wider net may pull in new inaccuracies and create additional privacy concerns.

On July 10, the consumer credit score giant FICO joined with data firm CoreLogic in announcing the new score designed specifically for mortgage lenders called the FICO Mortgage Score Powered by CoreLogic. The mortgage score is based on information provided by CoreLogic in a detailed report called the CoreScore Credit Report.

 

The report includes information that other credit reporting agencies, such as Experian, TransUnion and Equifax, don't factor into your traditional reports. If you were late on child support payments, applied for a payday loan or had trouble paying your rent on time, it could show up on your CoreScore Credit Report and be factored into your new FICO mortgage score. But on-time payments on a second mortgage will also be factored into your score, as well as all those months you paid your rent like clockwork. It's not intended as a replacement for traditional FICO scores, but as another tool for mortgage lenders to use early on, at the prequalifying stage for borrowers."It's simply bringing in additional data," says Joanne Gaskin, a director of product development at FICO.

 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 1 of 11
10 REPLIES
Regular Contributor

Re: FICO® Introduces New Mortgage Credit Score


pizzadude wrote:

 

Introducing the "FICO® Mortgage Score Powered by CoreLogic".

 

http://www.foxbusiness.com/personal-finance/2012/07/11/fico-introduces-new-mortgage-credit-score/

 

A new FICO mortgage credit score unveiled Tuesday casts a wider net to capture consumer behavior not previously considered in whether to grant a home loan. The agency says it will make more people eligible for a mortgage, but critics say that wider net may pull in new inaccuracies and create additional privacy concerns.

On July 10, the consumer credit score giant FICO joined with data firm CoreLogic in announcing the new score designed specifically for mortgage lenders called the FICO Mortgage Score Powered by CoreLogic. The mortgage score is based on information provided by CoreLogic in a detailed report called the CoreScore Credit Report.

 

The report includes information that other credit reporting agencies, such as Experian, TransUnion and Equifax, don't factor into your traditional reports. If you were late on child support payments, applied for a payday loan or had trouble paying your rent on time, it could show up on your CoreScore Credit Report and be factored into your new FICO mortgage score. But on-time payments on a second mortgage will also be factored into your score, as well as all those months you paid your rent like clockwork. It's not intended as a replacement for traditional FICO scores, but as another tool for mortgage lenders to use early on, at the prequalifying stage for borrowers."It's simply bringing in additional data," says Joanne Gaskin, a director of product development at FICO.

 


Well that aint fair since most of the time they don't report correctly



Starting Score: 502 5/4/2012
Current Score: 640 08/03/2012
Goal Score: 700


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Message 2 of 11
Super Contributor

Re: FICO® Introduces New Mortgage Credit Score

 

Yeah.....I guess it will behoove all of us to request our annual free report from CoreLogic.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 3 of 11
Moderator Emeritus

Re: FICO® Introduces New Mortgage Credit Score

I wonder though if this will be embraced as slowly as FICO08 has been.

Message 4 of 11
Highlighted
Established Contributor

Re: FICO® Introduces New Mortgage Credit Score

I called to get a copy of my report and the rep went over the report with me on the phone.  Really not much information on the report. 

Message 5 of 11
Super Contributor

Re: FICO® Introduces New Mortgage Credit Score


MarineVietVet wrote:

I wonder though if this will be embraced as slowly as FICO08 has been.


I suspect it won't catch on very quickly.   Especially since it isn't meant to be a replacment for traditional FICO scores, just something that could be used to pre~qualify.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 6 of 11
Valued Contributor

Re: FICO® Introduces New Mortgage Credit Score

How to get your free credo report:

 

http://credco.com/consumer/obtain-corescore-credit-report.aspx

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Message 7 of 11
Established Contributor

Re: FICO® Introduces New Mortgage Credit Score

The more payments/debts included, the more accurate the snapshot of the borrower(s). Unfortunately, it will mean less privacy for the borrower and who is to say that someday it could include your utility payments as well.Could be a sword or an evergreen. Time will tell.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico)XP 735 (FAKO)
Updated scores 05/01/17 EQ 824, TU 812 EXP 810 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 8 of 11
Frequent Contributor

Re: FICO® Introduces New Mortgage Credit Score

Well, it would be nice and fair if the good payments history is included in to the FICO gods algorithim.

Message 9 of 11
Valued Contributor

Re: FICO® Introduces New Mortgage Credit Score

The way I figure is all bad pays end up on there now, utility or otherwise.  So if the good payment history on the same account types were on there it could only help, right?

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Message 10 of 11