There is a new credit score available to you and it’s custom made just for your mortgage. That is right! The new FICO 8 is on the horizon, and it only pertains to how you pay your mortgage loan.
FICO is the leader is credit management technology, and services hundreds of thousands of companies. The three main credit agencies use it, and it’s available to anyone. What does this do? The reason for this is to allow banks to get a view that is geared to the real estate market, and will enable us to get some stability as a country in our markets. Overall, this is very beneficial and will reduce the risk for everyone.
The idea behind the score was also to help lenders predict how a mortgage would perform, and to help them fine tune their credit decisions based on what they can see, which will give them a good idea of what they think will happen. All lenders and services will have access to it, so there should be no surprises.
-Mayer Dallal
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