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How Mowing Your Lawn Could Affect Your New FICO Score

The last post in this topic was posted 3081 days ago. 

 

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Did you forget to mow your lawn last week? Believe it or not, it could negatively impact your ability to get a mortgage.

 

Just when you thought you knew all the ins and outs of how your credit score is calculated, it all changes. Last month FICO announced a new partnership with CoreLogic to create a new FICO score for use in the mortgage industry.

 

http://finance.yahoo.com/news/mowing-lawn-could-affect-fico-135859388.html

 

 

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Sorry, but that's a "garbage in, garbage out" article.

 

As recently explained in an article on credit.com, the FICO/Core Logic score venture serves those with FICO-thin files by augmenting available credit information with added data re rental payments, etc. The score won't be used for those with CRA data adequate to qualify them for a mortgage.

 

http://www.credit.com/blog/2012/07/fico-and-corelogic-debut-new-mortgage-centric-credit-score/

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Oh the article is a stretch - even more so the title. It SHOULD have been titled:

 

"How failing to mow your lawn repeatedly and badly enough that your neighbors complain to the Town, and failing to heed a warning from Code Enforcement, then, after getting cited and fined, failing to pay the fine and incurring a lien against the property, which was later picked up by CoreLogic, could affect your new FICO score" ;)

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Guest KristofsMom

Bahaha.... Funny :)

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BTW...just as an FYI. Quicken Loans uses Credstar and CoreLogic for Mortgage applications. CoreLogic must be stopped...surely what they are doing is a violation of FCRA!!! Here is some of the data sources they use to "enhance" your mortgage FICO:

 

Our sources include:

  • County and local courthouses
  • State taxation & revenue departments
  • U.S. bankruptcy court
  • Federal Agencies (FBI, CIA, OFAC)
  • Payday, rent-to-own and other lenders

  • Owners and managers of multifamily properties
  • U.S. Census Bureau
  • Newspapers
  • Direct from consumers
  • Third-party providers

We collect and process many types of consumer data including:

  • Mortgage loan applications
  • Property ownership histories
  • Property rental applications and rental histories
  • Multi-family resident screenings
  • Auto loan applications
  • Household demographics
  • SSN and identity verifications

  • Consumer credit information, histories
  • Under-banked (nontraditional lender) credit histories
  • Tenant/landlord court records
  • Voluntary and involuntary liens
  • Judgments
  • Bankruptcy information
  • Criminal records
  • Sex-offender information

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The last post in this topic was posted 3081 days ago. 

 

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