How's Your FICO Score?
Since we live in a computer-driven society, you're probably not surprised to hear that your ability to repay your mortgage boils down to one number. This score is built by credit reporting agencies. They use the payment history from your various loans: credit cards, mortgages, car loans, and others. The three reporting agencies use slightly different formulas to build a credit score. The original FICO was developed by Fair Isaac and Company. Experian uses this model and calls its score FICO. Equifax's model, based on FICO, is called BEACON, while TransUnion, which also uses a slightly modified FICO, calls its score EMPIRICA. While each of the models considers a range of data available in your credit report, our mortgage company at the Lake of the Ozarks is here to give you what factors each agency uses to determine your score in this week's blog. If you have any questions on this matter, please do not hesitate to call our Lake of the Ozarks mortgage lenders today. MHQ-M...