CoreLogic Credco
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Transcript of CoreLogic Credco
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CoreLogic Credco
Understanding the basics of FICO scoring
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But I just got my score…Did you get it from these guys?
Why is it different?
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NextGen
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Review your credit report regularly
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Mortgage Payment Guide*
760 vs. 639 = $289.00 Savings
* www.myfico.com/HelpCenter/Mortgages/
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©2010 CoreLogic. Private & ConfidentialSource: http://www.scoreinfo.org/Your-Credit-Future/Credit-Statistics.aspx
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Score Factors
Score
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How is a Score Created?
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Payment History
Amount of Debt
Length of
Credit History
Acquisition of
New Credit
Types of Credit in Use
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©2010 CoreLogic. Private & Confidential
“recover” after the fact.
*
* =http://bankinganalyticsblog.fico.com/2011/03/research-looks-at-how-mortgage-delinquencies-affect-scores.html
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©2010 CoreLogic. Private & ConfidentialStatute of Limitations
• 10 yrs from date of entry for reliefBankruptcy
• 7 yrs from paid dateTax Liens (Paid)
• No limitTax Liens (Un-paid)
• 7yrsJudgment • 7yrs (from date of charge
off) Charge Off/Collections
• 7yrsForeclosure
• 7yrsOther Adverse Items
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Collection Accounts
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Get the facts first, then you can distort them as you please.
- Mark Twain
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The FICO Score considers your income
False
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Closing my unused credit card will improve my FICO Score
False
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If I close an account I will lose the “Age” benefit
False
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Spreading balances across multiple cards helps my score
False
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FICO Scores are designed to get me into debt
False
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FICO considers my monthly payment amounts
False
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FICO penalizes me for having too many former addresses
False
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Opting out of pre-approved credit offers will increase my FICO Score
FalseContact:www.OptOutPrescreen.com or1-888-5OptOut (1-888-567-8688)
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FICO Scores are used by employers
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FICO Scores are used by employers
False!!!
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Bonus Myth – Loan Modifications will have a negative effect on your FICO Score
It Depends
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Impact of Foreclosure/Short Sale
Top FAQ
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“recover” after the fact.
*
* =http://bankinganalyticsblog.fico.com/2011/03/research-looks-at-how-mortgage-delinquencies-affect-scores.html
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Thank You
CoreLogic Credcoprides itself on being a
High Quality Credit Provider &
we appreciate the opportunity to share our industry knowledge with you