Articles Tagged with ''Credit score''

Experian offering potentially higher credit scores in exchange for access to people’s bank accounts

Will use utility, cell phone payments to calculate FICO score
Experian wants access to consumers’ bank accounts as part of an effort to help people boost their credit scores. Experian announced Tuesday that it is launching a new program called “Experian Boost.” Through the program, consumers grant access to their bank accounts to allow Experian to use utility and telecommunications payments in the calculation of their credit score.
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FHFA issues new rule effectively prohibiting Fannie and Freddie from using VantageScore

Regulators cites conflict of interest as concern in alternative credit score proposal
Anyone hoping that Fannie Mae and Freddie Mac may soon start using VantageScore as an alternative to their current FICO credit scoring model is about to get a cold dose of reality. The FHFA announced this week that it is issuing new rules surrounding the adoption of alternative credit scoring rules. Chief among those rules is a provision that would prohibit the GSEs from using the VantageScore credit scoring model because of conflicts of interest with the company’s backers.
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FICO: Student debt creates a pull on credit scores

Practices of consumers who see an increase in credit score
In today’s competitive housing market, there are many factors that help determine whether a person is ready to buy – rather than rent – their next home. To better understand the profile of individuals who are taking the next step in their financial journey, FICO researched how previous financial milestones impact the readiness to open a mortgage among Millennials.
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New FICO model could boost credit scores for millions

New model taps into consumer banking data
Experian, FICO and Finicity announced a new credit scoring model that could expand credit access for millions of Americans. The new model, UltraFICO, would look at more than just information reported to the three credit-reporting firms. It would go deeper still and look at the consumer’s banking data, including their checking and savings accounts.
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Consumers, here's how you can save $45,000

According to LendingTree, raising your credit score from fair to very good can save you thousands in cash
According to a study by LendingTree, raising your credit score from "fair" to "very good" saves $45,283 on a common array of debts. That’s more than the 2016 median earnings in America ($31,334 before taxes).
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Experts surprised by Millennial credit scores

Vary significantly from city to city
Millennial credit scores vary significantly from one city to the next, and a deeper dive into the FICO scores shows surprising results. But while experts at Ellie Mae were surprised by the Millennial FICO scores, they soon learned the reason for the phenomenon.
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FHFA on credit score delivery: forgotten lessons

Multiple versions of a credit model may lead to added cost and complexity
Recently, FHFA posted a Request for Input asking for opinions concerning options for changing the delivery of credit scores to the GSEs, underwriters and investors. FHFA is considering various options to change the current system. Any such choice, in the end, is the outcome of a detailed cost-benefit analysis, but while FHFA acknowledges this, they fall short of providing the necessary framework for reaching an informed conclusion.
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Here's where to find some good news for mortgage lenders

Refis down, mortgage profits down, true, but desire to buy homes is still growing
Looking for some good lending news during a downturn? LendingLife has your back. Yes, it is true that rates are rising, per loan profits are down, credit feels tight and refinances are dipping. But, the good news is that the perception of homeownership as a good investment is on the rise. And that's not the only good news for lenders right now.
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