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Credit Repair

New Tool Available To Mortgage Lenders

FICO and CoreLogic have begun offering a new tool to mortgage lenders. The hope is that the tool will help people on the approval bubble secure loans that they would ordinarily be denied.

The tool is a new type of credit score that encompasses alternative credit information. The new information includes rental history, payday loan usage, tax lien information, and property records. ”We felt [the score] was important because of where we are in the economic cycle and how tight credit has gotten,” said Joanne Gaskin, FICO’s Senior Director Scores Product Management and Mortgage Practice Leader. The new score addresses unknown risk factors and could prevent consumers from getting turned down due to a lack of information regarding their credit history.

The new tool is meant to be an additional asset that should not lead to risky mortgages like were common in the early part of the century. Hopefully, it will perform as anticipated and help the economy shed the housing drudgery. 

If you’re trying to get approved to buy a home, check out our article on credit repair for home loans.

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