New Credit Score Will Tell Lenders More About You

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Mortgage lenders will soon have access to new details about a prospective borrower's past -- such as past rental applications, inquiries to pay-day lenders, and missed child support payments -- that will be factored in to a new credit score.

Real estate and mortgage data aggregator CoreLogic says it's signed an agreement to work with Fair Isaac Corp., the owner of the widely used FICO score, to develop new credit risk scores for the U.S. mortgage industry.

Much of the data CoreLogic collects on consumers hasn't been available from traditional credit reporting agencies but is important to mortgage lenders, the company said.

CoreLogic says it will serve as a "supplemental credit repository," augmenting data provided by TransUnion, Equifax and Experian with property ownership and mortgage obligation records, property legal filings and tax payment status, rental applications and evictions, inquiries and charge-offs from pay-day and online lenders, and consumer-specific bankruptcies, liens, judgments and child support obligations. The Santa Ana, Calif.,-based company will generate a CoreScore Credit Report for lenders to alert them to bad debts that might previously have gone undiscovered. The reports may also help some consumers by identifying previously hidden credit history that reflects well on them, the company said.

CoreScore consumer information will be "instantly merged" with traditional credit report data "in a single, integrated report only available from CoreLogic," the company said in announcing the new reports last week.

At that time, it was unclear whether the CoreScore reports would also be used to calculate borrower's FICO scores.

Today, CoreLogic and Fair Isaac announced that they plan to offer mortgage lenders a "credit scoring solution" that will combine data from CoreScore reports with Fair Isaac's FICO 8 Mortgage Score. That product will serve as the basis for future solutions that "deliver additional loan level insight and support more intelligent and consistent lending decisions," the companies said.

A spokeswoman for CoreLogic told Inman News that the FICO 8 Mortgage Score "will likely be an input" to a new score that will be provided along with the CoreScore Credit Report. There are no plans to update the FICO 8 Mortgage score itself to use the additional CoreLogic data, she said.

So lenders purchasing services from CoreLogic Credco will get back two scores: The score or scores they use for decisions today, such as the FICO 8 Mortgage Score or classic FICO score, plus a new score that uses the value of FICO 8 Mortgage Score and the CoreScore data.

"By blending the unique data from CoreLogic with the analytic expertise of FICO, we will be able to deliver a new and more predictive credit score with our recently launched CoreScore Credit Report," said Tim Grace, senior vice president of Product Management and Analytics for CoreLogic, in a statement. "Together, this new credit report and credit score will provide the mortgage industry with increased visibility into consumer credit behavior and improved credit risk analysis."

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New Credit Score Will Tell Lenders More About You

Believe it or not, the median price to buy a home in America is just north of $170,000. This may come as a surprise to coast-huggers in some of the nation's more affluent cities, but the rest of the country's been in on the secret for years. And guess what -- great homes can be found for even less than the national median. Click through to see some of the finest homes for under $150,000.

Location: Cleveland Heights, Ohio
Price: $100,000
Beds/Baths: 4/2
Size: 1,523 sq ft

This mini-colonial has four bedrooms, a fenced-in backyard and a two-car garage. 

The home's interior has the hardwood floors and crown molding of a much more expensive abode.

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Three-bedroom family-friendly townhouse.
Newly renovated front-porch colonial
Townhouse with swimming pool. 

The kitchen boasts granite countertops and stainless steel appliances.


See more affordable homes for sale in Cleveland Heights:


Charming single-family colonial
Tall brick row house
Four-bedroom on a wooded lot

A formal dining room infuses the home with Old World character. 


See more affordable homes for sale in Cleveland Heights:


Four-bedroom brick colonial
Spacious Cape Cod
Neat, trim colonial

Location: Phoenix, Ariz.
Price: $100,000
Beds/Baths: 4/2
Square Feet: 1,300


This recently remodeled four-bedroom ranch house is a great starter home within close proximity of respected schools. 

The home offers residents a large den (pictured here) and spacious backyard. 

See more affordable homes for sale in Phoenix:

Ranch home with mountain views
Brick and stucco town home
2
,000 square-foot contemporary

Recent renovations provided the home with new flooring and a fresh coat of paint.

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Single-family ranch house
T
hree-bedroom ranch house
Stone house with community pool 

As this picture makes clear, the home is amenable to adorably-decorated bedrooms. 


See more affordable homes for sale in Phoenix:

Row home with garage
2,000 square-foot ranch house
Santa Fe-style five-bedroom

Location: Colorado Springs, Colo.
Price: $99,900
Beds/Baths: 2/1
Size: 748 sq ft

This downhome ranch house offers a neat, fenced front yard and 750 square feet of coziness.

The living room is spacious enough to accommodate a large sectional sofa--though we might choose to put it somewhere other than in front of the window. 


See more affordable homes for sale in Colorado Springs:


Countryside contemporary
1
,700 square-foot town house
C
ondo with city view

The kitchen has a country-style tiled backsplash, wood cabinets and marble countertop. 


See more affordable homes for sale in Colorado Springs:


Upgraded four-bedroom with pool
F
our-bedroom in El Paso
Cute row house

Who says you need a porch to enjoy a porch swing?


See more affordable homes for sale in Colorado Springs:
1920s bungalow 
Three-bedroom ranch with mountain view
Smart condo with swimming pool

Location: Montgomery, Ala.
Price: $99,900
Beds/Baths: 4/2
Size: 1,493 sq ft

This tidy brick ranch house has four bedrooms, two bathrooms and nearly 1,500 square feet of living space for just under $100,000.

The large living room has a fireplace and pass-through to the kitchen. 

See more affordable homes for sale in Montgomery:
Three-bedroom in the woods
Sprawling ranch house
Charming single-story three-bedroom

The kitchen has tile flooring, a center island and no shortage of storage space. 


See more affordable homes for sale in Montgomery:
Brick-built three-bedroom
Well-landscaped four-bedroom
F
our-bedroom dutch colonial

In addition to a sizable front lawn, the house has an even larger backyard.

 
See more affordable homes for sale in Montgomery:

Three-bedroom in the woods
Sprawling ranch house
Charming single-story three-bedroom



See more affordable homes for sale in Montgomery:

Location: Indianapolis, Ind.
Price: $100,000
Beds/Baths: 2/1
Square Feet: 2,052

While this pre-war bungalow has only two bedrooms and one bathroom, you can choose from seven other rooms, including a game room and family room.

The family room has hardwood floors.


See more affordable homes for sale in Indianapolis:

Dual-level three-bedroom
Ante-bellum victorian
Charming one-bedroom town home

Off the family room is the kitchen, with marble countertops and ceramic-tile flooring. 


See more affordable homes for sale in Indianapolis:


Three-bedroom brick ranch house
Spacious brick-and-wood four-bedroom
Rustic colonial

Plenty of windows keep the interior bright.


See more affordable homes for sale in Indianapolis:

Dual-level three-bedroom

Antebellum victorian
Charming one-bedroom town home

Location: San Antonio, Texas
Price: $150,000
Beds/Baths: 2/2
Size: 1,445 sq ft

This homey ranch house offers the basics along with surprisingly comfortable outdoor living amenities.  

There's plenty of space for lounging in the family room.


See more affordable homes for sale in San Antonio: 

Columned three-bedroom with two-car garage
2,300 square-foot landscaped three-bedroom
Four-bedroom with game room

French doors in the master bedroom open onto a deck. 


See more affordable homes for sale in San Antonio: 
Inviting single-family on cul-de-sac
Elegant starter home
Brick three-bedroom with two-car garage

Out back, a shade garden features a fountain and cocktail pool. 


See more affordable homes for sale in San Antonio: 
Columned three-bedroom with two-car garage
2,300 square-foot landscaped three-bedroom
Four-bedroom with game room

Location: 1600 W Green Rd, Apt 304
Price: $149,900
Beds/Baths: 2/2
Size:  1,247 Sq Ft


For some of the best deals, homeowners ought to consider investing in condo developments. This affordable unit offers cosmopolitan charm without the big city price tag.


See the full listing.

The unit features a split-bedroom floor plan and a cozy, contemporary layout.


Other affordable homes for sale in Glendale:


Eye-popping 1920’s condo
Three-bedroom with special mortgage options
Remodeled three-bedroom bungalow

A library with a view for the urbane urbanite.


See more affordable homes for sale in Glendale:


Homey three-bedroom ranch house
Remodeled brick ranch home
Well-kept Pre-War  Bungalow

Full kitchen with updated appliances


See more affordable homes for sale in Glendale:

Stunning four-bedroom family home
Two-bedroom bungalow on the cheap
Newly renovated three-bedroom

Location: 254 111th Avenue Nw
Price: $149,000
Beds/Baths: 4/2
Size: 1,585 Sq Ft


This four-bedroom family house features a host of recent improvements, including a new kitchen and updated baths. Starter homes need not be tiny homes.

A look at the home’s spacious open floor plan, including living and dining rooms.


See more affordable homes for sale in Coon Rapids:

Move-in ready four-bedroom
Newly listed five-bedroom
Sweet two-bedroom on Kumquat Street

New granite countertops were installed in the home. Buy now and the home includes a one-year home warranty.


See more affordable homes for sale in Coon Rapids:


Spacious three-bedroom
Five-bedroom green thumb’s dream
House on Hummingbird St. for a song

A closer look at the well-appointed living room.


See more affordable homes for sale in Coon Rapids:


A newly renovated two-bedroom
Brand new three-bedroom town home
Single-family with a big yard

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