releases new FICO versions for consumers releases new FICO versions for consumersFor the first time ever, consumers will be able to view not just their generic FICO scores, but the actual industry-specific FICO Score versions used by car dealers, mortgage officers, credit card companies and more!

Everyone knows that FICO scores has multiple industry-specific versions, each used by different industry. The auto industry uses the ‘Auto-Enhanced’ version, Mortgage lenders use the ‘Factual’ version, Credit Card companies use an entirely different version etc.

To keep up with consumer trends and the evolving needs of lenders, FICO is constantly refining the FICO Score model – resulting in multiple industry-specific FICO Score versions over the years

Each version employs different weights and produces different score. The Mortgage version produces lower rates than the consumer version, while the car lenders’ version produces scores that can be 50 – 100 points lower or higher, depending how you’ve handled prior car loans.

Until now, consumers could only get the standard version of their FICO, which could be off by 50-100 points than the actual score their potential lender sees.

Now, for the first time ever – consumers can get the same scores their potential lenders get, including but not limiting the newest & most commonly used FICO 8! This gives consumers extra power when seeking for new credit.

For more information see

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Paying off old debts doesn’t always improve credit score

Paying off old debts doesn't always improve credit scoreIf you’re working on improving your credit score, paying off old debts seem the obvious thing to do. While paying off old debts should be high on your priority list, you should also keep in mind that in some cases it may actually lower your credit score!

Paying off old debts can affect your credit score in various ways, depending on how the type, & age of the delinquent account being paid off, as well as on how the creditor reports the payment(s) to the credit bureaus.

When you pay of an old debt, in some cases the account’s age may get updated. Because Fico score formula puts high emphasis on the account age (more than 70% of your score is made up by information from the past two years), in some cases paying off a delinquent account may actually drop your score!

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Tenant Screening Services & Rental History Reports

Tenant Screening Services & Rental History ReportsI get a lot of questions about tenant screening services, rental history reports, tenant reports & particularly about SafeRent. As it turns out, many people see a SafeRent credit inquiry in their credit report and don’t know what it’s about.

CoreLogic SafeRent is the largest tenant screening services provider in the US. More than 30% of all property managers use it for making renting decisions. Additionally, it provides employment screening services for HR mangers.

CoreLogic SafeRent is also a reseller of consumer information to third party tenant & employment screening companies, as permitted by the FCRA. It provides Criminal Background Checking services, and even Collection Services!

The second largest accommodation screening services provider is LexisNexis.

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