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FICO® Mortgage Score

When consumers think about FICO credit scores, they are inclined to assume there is only one FICO score, but in reality there are numerous versions, including FICO scores for consumers, plus there are FICO scores specifically for lenders.

In fact, Fair Isaac Company, otherwise know as FICO, produces risk scores for a variety of industries and a variety of lenders. One of their newest scores is the FICO mortgage credit score produced in partnership with CoreLogic Credco that is based on Corelogic's CoreScore Credit Report.

Unlike other FICO credit bureau scores which may be generated based on your credit information at one of the 3 national credit bureaus - Experian, Equifax and TransUnion, the new FICO mortgage score is generated based on the information contained in your CoreScore credit report.

The information in the CoreScore report includes your credit reports from the three main credit agencies, plus it may also include other credit history that Corelogic may have stored in its system, which could possibly include information like late child support payments, rent payment transactions and evictions, and even second mortgage payment history that may not be reported to the 3 national bureaus.

While the new mortgage score may currently only augment the FICO scores that lenders already use, it is possible that eventually the FICO mortgage score based on CoreScore credit reports may become more prominent with lenders. That will happen if the new score turns out to be a better predictor of mortgage defaults - something all lenders hope to achieve.

For the consumer the new mortgage score is a good news/bad news scenario. It will be good news for consumers with good credit but with thin credit report files, as it may augment the positive information available to produce their score. On the other hand it may be bad news for consumers with derogatory information in their background that has not been previously reported to the 3 national credit bureaus, but that may be reported by Corelogic.

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