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©2010 CoreLogic. Private & Confidential CoreLogic Credco Understanding the basics of FICO scoring.

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©2010 CoreLogic. Private & Confidential CoreLogic Credco Understanding the basics of FICO scoring
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©2010 CoreLogic. Private & Confidential

CoreLogic Credco

Understanding the basics of FICO scoring

©2010 CoreLogic. Private & Confidential

But I just got my score…Did you get it from these guys?

Why is it different?

©2010 CoreLogic. Private & Confidential

NextGen

©2010 CoreLogic. Private & Confidential

Review your credit report regularly

©2010 CoreLogic. Private & Confidential

Mortgage Payment Guide*

760 vs. 639 = $289.00 Savings

* www.myfico.com/HelpCenter/Mortgages/

©2010 CoreLogic. Private & ConfidentialSource: http://www.scoreinfo.org/Your-Credit-Future/Credit-Statistics.aspx

©2010 CoreLogic. Private & Confidential

Score Factors

Score

©2010 CoreLogic. Private & Confidential

How is a Score Created?

©2010 CoreLogic. Private & Confidential

Payment History

Amount of Debt

Length of

Credit History

Acquisition of

New Credit

Types of Credit in Use

©2010 CoreLogic. Private & Confidential

“recover” after the fact.

*

* =http://bankinganalyticsblog.fico.com/2011/03/research-looks-at-how-mortgage-delinquencies-affect-scores.html

©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

©2010 CoreLogic. Private & Confidential

Collection Accounts

©2010 CoreLogic. Private & Confidential

Get the facts first, then you can distort them as you please.

- Mark Twain

©2010 CoreLogic. Private & Confidential

The FICO Score considers your income

False

©2010 CoreLogic. Private & Confidential

Closing my unused credit card will improve my FICO Score

False

©2010 CoreLogic. Private & Confidential

If I close an account I will lose the “Age” benefit

False

©2010 CoreLogic. Private & Confidential

Spreading balances across multiple cards helps my score

False

©2010 CoreLogic. Private & Confidential

FICO Scores are designed to get me into debt

False

©2010 CoreLogic. Private & Confidential

FICO considers my monthly payment amounts

False

©2010 CoreLogic. Private & Confidential

FICO penalizes me for having too many former addresses

False

©2010 CoreLogic. Private & Confidential

Opting out of pre-approved credit offers will increase my FICO Score

FalseContact:www.OptOutPrescreen.com or1-888-5OptOut (1-888-567-8688)

©2010 CoreLogic. Private & Confidential

FICO Scores are used by employers

©2010 CoreLogic. Private & Confidential

FICO Scores are used by employers

False!!!

©2010 CoreLogic. Private & Confidential

Bonus Myth – Loan Modifications will have a negative effect on your FICO Score

It Depends

©2010 CoreLogic. Private & Confidential

Impact of Foreclosure/Short Sale

Top FAQ

©2010 CoreLogic. Private & Confidential

“recover” after the fact.

*

* =http://bankinganalyticsblog.fico.com/2011/03/research-looks-at-how-mortgage-delinquencies-affect-scores.html

©2010 CoreLogic. Private & Confidential

Thank You

CoreLogic Credcoprides itself on being a

High Quality Credit Provider &

we appreciate the opportunity to share our industry knowledge with you


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