Fair Isaac Corp., the company behind the famous FICO score just released the new FICO 10 Model which is expected to cause the scores to fluctuate roughly 20 points. The change comes amid the average FICO score hitting a record high of 710 in 2020. According to data from Fair Isaac Corp, only 1.6% of the U.S. Population has a perfect score of 850. However, experts say that perfect scores might not matter as much […]
In 2019, the Consumer Financial Protection Bureau (CFPB) released a report which summarized the discussion and conclusions from a symposium on the topic of credit accessibility. The event focused on a broad spectrum of ideas and challenges associated with responsibly expanding access credit to those who are underserved. Obviously, credit scores are one of those factors. First off, the numbers: The CFPB noted that based on its prior research, “roughly 20 percent of the adult […]
WHAT CREDIT SCORE COMPETITION MEANS FOR YOUR MORTGAGE LENDING EXPERIENCE Credit score competition is coming to the mortgage industry but what does this mean for you, your family, and your friends? It means we now have the power and potential to expand sustainable homeownership opportunities to millions of Americans currently disadvantaged by traditional credit scoring models. How will it affect me? The model competition will result in more accurate, reliable, inclusive, and updated mortgage credit […]
Credit bureau-based risk scoring systems, their formal title, have been commercially available since the late 1980s. They were initially used by credit card issuers but were quickly adopted by other types of lenders. The last holdout was the mortgage lending environment, but that too changed. In the mid 1990s, Fannie Mae and Freddie Mac informed mortgage brokers and lenders that they would have to begin using credit scores as part of the mortgage decision-making process. […]
What makes up your business credit score? What gives you the best chances of getting a loan? Here are a few factors that play into your business credit picture, and what you can do to make the most of them: Payment History – Your payment history is an important part of your business credit profile, and is what your D&B Paydex score is based on. Many credit opportunities come with a minimum Paydex requirement. What […]
