According to the Inman News, mortgage lenders will soon have access to more details surrounding a potential borrowers past. Thanks to Corelogic, a mortgage aggregator, and a newly signed agreement with the Fair Issacs Corporation, the owner of the widely used FICO score, are teaming up to develop new credit score risks for the mortgage industry.
What does this mean? Say a prospective borrower is has a past history of an eviction or a charge off from a pay day loan or online lender, this information will serve as “supplemental credit repository” for the mortgage industry. In addition to receiving a FICO score, lenders will also have what will be called a CoreScore.
Click here to read the full Inman article.