Use this post to educate clients and prospects about the April 2015 FICO initiative to assign credit scores to those without scores, and improve the scoring picture for those with significant past credit problems.
- New Information Entering FICO Scores
- Scoring the Scoreless: New FICO Approach
- FICO looks to other data points for scoring
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What do you do if you’re financially responsible, but don’t have a credit score? How do you get started on the path to home ownership if your score is low due to traditional credit reporting? FICO believes it might have the answer. (Others think it might not.) Here’s what you need to know.
From the post:
“If you’re in the market for a home, you’re probably in the market for a mortgage. With the exception of all-cash buyers, most buyers will find out soon what their FICO score is and what banks think about it.
The FICO score has a huge impact on whether or not lenders consider you an acceptable credit risk, and yet there are more than 53 million Americans out there who don’t have a credit score at all. This doesn’t mean they’re a bad risk, necessarily… it just means they haven’t used credit cards, held a previous mortgage, or had an auto loan. They may be perfectly responsible financial citizens. So how do they apply for a mortgage?”
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