FICO Unveils Mortgage-Specific Credit Score

Posted by Orb Staff on October 28, 2010 No Comments
Categories : FYI

The FICO 8 Mortgage Score is now available from all three major U.S. credit reporting agencies, FICO reports. The credit-score product was built specifically to help lenders better predict mortgage performance and to improve credit decisions for both current and prospective homeowners, the agency says.

The score analyzes the full credit history on file to deliver assessment of mortgage repayment risk and aids servicers in earlier identification of at-risk borrowers. Validation results have demonstrated an additional predictive value of up to 15% for mortgage servicing over the broad-based, all-industry FICO Score used most widely today, FICO adds.

SOURCE: FICO

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