Can you imagine Big Brother has found another way to peek into our personal lives.But when you are asking someone to finance over $100,000 this is what happens. In the past many items have been excluded from credit histories...But alas someone has a new brain storm.From the lenders point of few it gives a fuller picture of just who you are financially ....and really just what is your true buying power? Granted this is a crazy market and lenders are taking a risk with such incredibly low interest rates. However, often credit issues that dealt with medical bills were not weighted as much as some other payment defaults. Corelogic, the company whose brain child this is typically counts these aspects in it's new report. Do you pay your rent on time? Do you have Child Support and do you pay as promised? Have you ever been evicted.....? Understandably this does not paint a great picture if you are outed on these type of questions.............Most Loans are federally backed like Fannie, Freddie and FHA.....which account for 90% of the loans issued. And this new score will not affect whether you are denied or not ...but it could have a lot to do with Higher or Lower Rates and also Banking Fees associated with your loan.....it is never simple!
Credit where credit is due this blog based on a posting in Inman News which sources the Chicago Tribune that its article was based.
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