Credit Score

FICO and CoreLogic Debut New Mortgage-centric Credit Score

Comments 2 Comments

FICO and Core Logic unveiled a new score designed to help lenders better determine who should be awarded a mortgage. The score could help consumers, who would have otherwise had difficulty getting a home loan, secure financing since it incorporates new data with non-traditional trade lines.

The data — furnished by CoreLogic, which unveiled an alternate version of the traditional credit report back in December — includes rental history, property records and public record tax lien information and data on short-term lending, such as payday loans. FICO is providing the analytics.

“We felt [the score] was important because of where we are in the economic cycle and how tight credit has gotten,” Joanne Gaskin, FICO’s Senior Director Scores Product Management and Mortgage Practice Leader, says. She explains the score is intended to address unknown risk and could prevent consumers from getting turned down simply because there is not enough information available regarding their credit history.

[Credit Score Tool: Get your free credit score and report card from Credit.com]

Free Credit Check & MonitoringIn addition to simply seeing the new score, lenders will also have the option of pulling a composite score that incorporates information from CoreLogic’s database with information provided by major credit reporting agencies Equifax and Trans Union.

Gaskin says Experian has yet to agree to furnish data. (Their lack of participation is probably related to the bureau’s recently unveiled Extended View score, which incorporates similar data in an attempt to help consumers with thin files secure loans. FICO competitor Vantage Score provides the analytics.)

FICO says the score was developed following conversations with lenders and is optimistic it will be embraced by the lending community.

“We do have a number of clients who are getting ready to go into a testing or validation phase,” Gaskin says.

[Free Resource: Check your credit score and report card for free with Credit.com]

Image: mike.wilson, via Flickr

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

  • Pingback: FICO and CoreLogic Debut New Mortgage-centric Credit Score … | Home Loans UK

  • http://FICOpoweredbycorelogic dale spracklin

    can a consumer get their score or only financial institutions?

  • Shocked Reader

    This is most definitly a violation of the FCRA. There is no way that this is legal and unless it is opened for individuals to see and validate the data reported it should be shut down…

Find out where you stand.
Get your FREE personalized credit report card.

Sign Up Now
X

Stay connected to our experts

Please submit your email address to get credit & money tips & advice
from our team of 30+ experts, delivered weekly to your inbox.