Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Lending Industry To Probe Deeper Into Your Finances
The FICO (Fair Isaac Corp) score.   That all important number lenders use to assess a borrower’s creditworthiness may soon involve information other than your credit history when calculating your credit score.  Lenders, in an attempt to develop a more “well rounded” picture of a person’s finances, now want to include payday loans, evictions, child support payments, utility and even cell phone payments to the information considered when determining whether or not to loan you money.   Whether you pay off a payday loan on time is not the issue.  The belief is that if you use a payday loan service you represent a greater risk of default.  Commissioned sales people like REALTOR’s may at times use a commission advance service when they have a pending transaction.  Should this be used against them when applying for credit?
Last month the big three credit reporting agencies (Experian, Trans Union, and Equifax) began providing estimates of consumer income as a credit report option.   Estimates of income??  Will these “estimates” be as accurate as the Zillow “Zestimates” of home values which are notoriously inaccurate? Will the estimated income be used to prepare debt to income ratios?   Since a lender will require income verification during loan processing ... more

__________________________________________________
Are you on The Rain? Grow Your Network!