Even simple code violations could prevent mortgage closings
A new credit scoring system is taking shape that could prevent borrowers from getting a mortgage if government agencies ding credit scores, even for something as simple as not mowing the lawn.
While it sounds impossible, U.S. News & World Report said a new strategic partnership between FICO and CoreLogic could make this scenario entirely feasible.
The new scoring system, called CoreScore, allows lenders to access consumer information not previously included in FICO reports in the past.
The web of data provided by CoreLogic will allow mortgage lenders using the score to incorporate other data such as property values, property taxes, tax liens, alimony judgments and other debt information into personal credit ratings.
Since many cities issue citations and even place liens on properties that fail to follow local codes, simple violations -- like not mowing the lawn -- could eventually end up in a person's credit score when applying for a home.
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