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©2010 CoreLogic. Private & Confidential CoreLogic Credco Understanding the basics of FICO scoring
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©2010 CoreLogic. Private & Confidential But I just got my score… Did you get it from these guys? Why is it different?
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©2010 CoreLogic. Private & Confidential NextGen
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©2010 CoreLogic. Private & Confidential Review your credit report regularly
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©2010 CoreLogic. Private & Confidential Mortgage Payment Guide* 760 vs. 639 = $289.00 Savings * www.myfico.com/HelpCenter/Mortgages/ www.myfico.com/HelpCenter/Mortgages/
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©2010 CoreLogic. Private & Confidential Source: http://www.scoreinfo.org/Your-Credit-Future/Credit- Statistics.aspx
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©2010 CoreLogic. Private & Confidential Score Factors Score
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©2010 CoreLogic. Private & Confidential How is a Score Created?
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©2010 CoreLogic. Private & Confidential 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 & Confidential Statute of Limitations 10 yrs from date of entry for relief Bankruptcy 7 yrs from paid date Tax Liens (Paid) No limit Tax Liens (Un-paid) 7yrs Judgment 7yrs (from date of charge off) Charge Off/Collections 7yrs Foreclosure 7yrs Other Adverse Items
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©2010 CoreLogic. Private & Confidential Collection Accounts
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©2010 CoreLogic. Private & Confidential Get the facts first, then you can distort them as you please. - Mark Twain
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©2010 CoreLogic. Private & Confidential The FICO Score considers your income False
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©2010 CoreLogic. Private & Confidential Closing my unused credit card will improve my FICO Score False
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©2010 CoreLogic. Private & Confidential If I close an account I will lose the “Age” benefit False
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©2010 CoreLogic. Private & Confidential Spreading balances across multiple cards helps my score False
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©2010 CoreLogic. Private & Confidential FICO Scores are designed to get me into debt False
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©2010 CoreLogic. Private & Confidential FICO considers my monthly payment amounts False
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©2010 CoreLogic. Private & Confidential FICO penalizes me for having too many former addresses False
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©2010 CoreLogic. Private & Confidential Opting out of pre-approved credit offers will increase my FICO Score False Contact: www.OptOutPrescreen.com or 1-888-5OptOut (1-888-567-8688) Contact: www.OptOutPrescreen.com or 1-888-5OptOut (1-888-567-8688)
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©2010 CoreLogic. Private & Confidential FICO Scores are used by employers
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©2010 CoreLogic. Private & Confidential FICO Scores are used by employers False!!!
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©2010 CoreLogic. Private & Confidential Bonus Myth – Loan Modifications will have a negative effect on your FICO Score It Depends
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©2010 CoreLogic. Private & Confidential Impact of Foreclosure/Short Sale Top FAQ
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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 & Confidential Thank You CoreLogic Credco prides itself on being a High Quality Credit Provider & we appreciate the opportunity to share our industry knowledge with you
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