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Tag Archives: Credit Score

Experian Designs Program to Help Underbanked Consumers

Experian announced this week that it will incorporate positive rental data into the traditional credit file in an effort to help underbanked consumers build credit. According to the FDIC Web site, an estimated 17.9 percent of U.S. households, roughly 21 million, are underbanked. Experian says having positive rental history reflected in their credit scores will help consumers who may have faced financial hardships such as foreclosure or bankruptcy rebuild their credit.

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Study Finds California Mortgage Applicants Have Highest Credit Scores

California mortgage applicants have the highest average credit scores in the nation, according to a state-by-state study conducted by the online mortgage-shopping service Mortgage Marvel. The average credit score in California is 755, a full 20 points higher than the national average. With California's well-publicized issues surrounding declining property values and foreclosures, the firm described the results of its study as ""interesting."" One exec commented, ""Many Californians have clearly figured out how to weather the financial storms.""

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Grip of Financial Distress Tightens Again in Third Quarter: Report

The overall financial health of consumers showed incremental improvements in the first half of 2010, but that progress was wiped out during a span of three months due to weaker household budgets, renewed strains on housing costs, and high levels of unemployment, according to the nonprofit credit counseling agency CredAbility. The average U.S. consumer has been in financial ""distress"" for nine consecutive quarters, with consumers in some parts of the country headed for financial ""crisis.""

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NMLS Adds Credit Report Functionality for SAFE Act Compliance

Mortgage originators can now authorize a credit report to be processed through the Nationwide Mortgage Licensing System and Registry (NMLS). Beginning November 1, all licensed residential mortgage loan originators participating in NMLS were required to complete the credit authorization process regardless of any prior state requirements. Providing credit history processing through NMLS fulfills one of the mandates of the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act).

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FICO’s Mortgage-Specific Credit Score Aims to Reduce Default Risk

FICO announced this week that its newest credit scoring product, the FICO 8 Mortgage Score, is now available from all three major U.S. credit reporting agencies. The FICO 8 Mortgage Score was built specifically to help mortgage lenders better predict mortgage performance and improve credit decisions for both current and prospective homeowners. The company says it will allow lenders to employ a more precise risk assessment tailored for today's real estate market in order to reduce the likelihood of default.

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VantageScore Launches New Version of Credit Scoring Model

VantageScore Solutions, an independently managed business created by the three major credit reporting agencies, has unveiled its new credit score model, VantageScore 2.0. The update was brought about by the significant change in consumer credit repayment behavior, said company officials, who added that all credit models should be updated regularly to ensure they remain accurate.

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