This article looks at the new credit scoring measures that have been created by the company CoreLogic. CoreLogic is developing a new system of scoring that will look at a broader spectrum of financial responsibilities to determine creditworthiness.
There’s a new credit scoring rubric out on the market and this one is even more rigorous than the ones that lenders already have at their disposal. This new credit scoring technique has been introduced by the company CoreLogic. The company claims that they are trying to provide lenders with more details in addition to the information that lenders are already given through traditional credit scoring methods like FICO. But this new company has also partnered with FICO, meaning that FICO may soon be using more and more information for your credit score as well.
So what exactly does this new credit measure look at? Well the new score is now going to evaluate your credit by looking at things like past due rent, payday loans, evictions, child support collections, as well as the repayment histories of these. This new report may also look at the history of payment of property taxes as well as any past due property taxes. The report may also be looking at whether how much you owe on your house is reasonable, giving you a bad score if you owe more than your house is worth. The new score will also look at small lender mortgages which many of the big credit score bureaus may have missed.
These new measures are intended to help prospective mortgage lenders find the best borrowers for their loans. CoreLogic wants to supplement the lenders knowledge that they get through the traditional credit reporting bureaus by providing these lenders with information about a person’s financial affairs that is more relevant to a home loan. As of right now there is already a new credit score report available through CoreLogic, but that score looks at a wide variety of credit details that affect people looking for more than just a home loan. A score that is home loan specific will be available in March. Core Logic also eventually hopes to apply their method of score reporting to other types of credit soon, though for now they are focusing on developing the home loan report.
This new credit report has the potential to both raise and lower a person’s credit score. Those with squeaky clean records may have a few skeletons in their closets that weren’t previously reported through traditional score reporting. But on the other hand there is the potential for consumers who currently have very low credit scores to show that they really are a lot better at managing finances than their scores let on by showing new financial records tht may be more positive than the records that are already scrutinized.
What this new score means for consumers is a fairer look at their true financial history, especially a look at where it counts most depending on what type of loan is being sought. This new score will be used for lenders to decide what type of interest to charge on a new loan, or whether to approve the loan at all. This can provide lenders with a true picture of your financial capabilities, by looking at the full spectrum of your financial decisions.
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