Equifax, Experian + TransUnion Announce Separate Credit Score

Equifax, Experian + TransUnion

Equifax, Experian + TransUnion Announce Separate Credit Score

CoreLogic and FICO will partner to provide a separate credit score to lenders that want it.  CoreLogic will provide information that FICO does not currently use including payday loans, child support payments and evictions..  Future uses for subscribers are also contemplated including rents, phones and utility payments. Indications are that this feature is not in widespread use.

Not Usually Apparent

I’m not seeing a lot of this new data being being implemented into credit scores that are being pulled.  Your normal FICO score that you can expect to be pulled for any credit application will not take advantage of the availability of this.  What is used in the FAKO Vantage score is another matter. Since so few lenders use this score anyway it is probably not worth losing sleep over. It’s worthwhile to know that this personal information is available to lenders that want it. Many things can be used by lenders to screen borrowers besides the actual FICO score.

New Income Estimate Option For Equifax, Experian + TransUnion

Last month the big 3 credit reporting agencies…Experian, Equifax and TransUnion also announced that they will begin including estimates of consumer income as a credit report option.  It is not yet clear how they will arrive at those estimates.  Even less clear is how they will assure it’s accuracy.  This follows upon Experian’s including data regarding on-time rental payments to create files for those with no or very thin credit histories.  Not all landlords participate in this new feature.  FICO doesn’t use it in its scoring algorithm.

Those applying for Fannie Mae, Freddie Mac or FHA needn’t worry about this because the “tri-merge” report they rely on does not incorporate CoreLogic data.  Together Fannie and Freddie account for approximately 90% of mortgages.  Banks, of course, use this data in combination with their own policies and judgments, some of which they keep to themselves as proprietary information.

privacy of personal data is never to be assumed.  don’t assume the lender tells you everything.
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After practicing law for 37 years Edward F. St. Onge, Sr. now devotes all his time to helping consumers achieve a high credit score with amazing speed. Learn the counter-intuitive secrets to credit scoring through his down to earth instructions backed by extensive knowledge of the laws and trends. All of the latest tricks and techniques that they don't want you to know now at your disposal. At last a level playing field for the consumer!

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