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Credit scoring has become a serious issue in the lending community and it can affect your ability to obtain or refinance your next mortgage. Credit scoring systems can gauge a mortgage applicant's credit rating and assign an interest rate and risk value based upon information provided in the loan application. Credit scoring offers several advantages. It provides quick recommendations while taking human judgment out of the equation. Credit scoring also is extremely efficient and, usually, inexpensive. This updated field guide includes articles and books relating to credit scoring.
Information from NAR
NAR Credit Policy, (Government Affairs, National Association of REALTORS®, June 2011).
Credit Tight? Fannie and Freddie FICO Scores are Still High, (Economists Outlook, National Association of REALTORS®, Apr. 14, 2011).
7 Common Credit Report Mistakes, (REALTOR® Magazine Online, Feb. 2009).
Rx for Consumers' Credit, (REALTOR® Magazine Online, Jan. 2009).
6 Ways to Quickly Boost Credit Scores, (REALTOR® Magazine Online, July 20, 2007).
What You Can Do to Improve Your Credit, (REALTOR® Magazine Online, n.d.).
5 Factors That Decide Your Credit Score, (REALTOR® Magazine Online, n.d.).
For Buyers: Eight ways to improve your credit score, (REALTOR® Magazine Toolkit).
Mortgage Basics: Understanding Credit Ratings, (REALTOR® Magazine Toolkit).
Credit Scoring Basics
4 Moves That Can Lower Your Credit Score, (Kiplinger.com, Sept. 2011).
The New Credit Score Rules, (Forbes, Aug. 19, 2011).
Your credit score? You actually have many, (MSN Money.com, Aug. 18, 2011).
Five Credit Score Secrets of the Young and FICO-Savvy, (Fox Business, Aug. 10, 2011).
9 Seemingly Innocent Ways to Severely Damage Your Credit Score, (investigatinganswers.com, Aug. 5, 2011).
The Myth of a "True" Credit Score, (U.S. News & World Report, Aug. 3, 2011).
Alternative Credit Scores, (Mortgage Banking, June 2011). Q
Seven Deadly Credit Score Sins, (Realty Times, May 19, 2011).
5 Credit Score Myths Decoded, (CreditSesame.com, Apr. 5, 2011).
What You Should Know About Credit Scores, (Realty Times, Mar. 17, 2011).
Explaining Credit Scores, (Realty Times, Feb. 16, 2011).
Looking Behind the Credit Score: Beware of Shifting Risk, (The RMA Journal, Nov. 2010). Q
Improve your Credit Scores, (Realty Times, Aug. 10, 2010).
Understanding Credit Scores and Reports, (Realty Times, Apr. 12, 2010).
A few quick steps can give you a better credit score, (Washington Business Times, Apr. 17, 2009).
Credit-Score Pitfalls of the Wealthy, (Wall Street Journal, Feb. 17, 2009).
A Credit Score Gets Harder to Find, (Wall Street Journal, Feb. 9, 2009).
Credit scores: Which ones do lenders use?, (Consumer Reports, Sept. 2008). Q
Default, Credit Scoring, and Loan-to-Value: A Theoretical Analysis of Competitive and Non-Competitive Mortgage Markets, (The Journal of Real Estate Research, Apr.-June 2008). Q
Is Your Credit Score as High as You Think?, (Realty Times, Feb. 29, 2008).
Seven Steps to a Credit Score Makeover, (Realty Times, July 19, 2007).
Useful Websites
Fannie Mae, (Fannie Mae, 2009).
Fair Isaac Corporation, (Fair, Isaac & Company, Inc., 2009).
Credit Scoring Organizations
Federal Trade Commission
Consumer Response Center
CRC-240
Washington, D.C. 20580
Phone: 202-382-4357
email: uce@ftc.gov
http://www.ftc.gov
Click here for full-text of Fair Credit Reporting Act
Credit Information Services
Equifax
P.O. Box 740241
Atlanta, GA 30374
Phone: 800-685-1111
email: customer.care@equifax.com
Experian
475 Anton Blvd.
Costa Mesa, CA 92626
Phone: 888-397-3742
Trans Union
P.O. Box 2000
Chester, PA 19022
Phone: 800-322-8228
Books, eBooks & Other Resources
eBooks.realtor.org
The following ebooks and digital audiobooks are available to NAR members:
American Credit Repair (Adobe eReader)
The Complete Credit Repair Kit (Adobe eReader)
The Complete Idiot's Guide to Improving Your Credit Score (Adobe eReader)
The Credit Diet: How to Shed Unwanted Debt and Achieve Fiscal Fitness (Adobe eReader)
Credit Repair (Adobe eReader)
Credit Repair Kit for Dummies® (Adobe eReader)
Credit Smart (Adobe eReader)
The Pocket Idiot's Guide to Repairing Your Credit (Adobe eReader)
Repair Your Credit and Knock Out Your Debt (Adobe eReader)
Books, Videos, Research Reports & More
The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
Mortgage rip-offs and money savers: an industry insider explains how to save thousands on your mortgage or re-finance, (John Wiley, 2007). HG 2040.5 W25
Credit road map: a practical guide for navigating your way to good credit, (Success Road Map Press, 2006). HG 3751 R51
Credit risk modeling: theory and application, (Princeton University Press, 2004). HG 3751 L36
Credit scores & credit reports: how the system really works, what you can do, (Privacy Times, Inc., 2004). HG 3751 H46
Home Buying Without the BS!, (Hall Street Press, 2002). HD 1341 T39
Eliminating credit barriers to increase homeownership, (Arlington, VA: Research Institute for Housing America, 2001). HG 3751.5 R72
Credit risk and mortgage lending, (Arlington, VA: Research Institute for Housing America, 2000). HG 2051 P38
Shedding new light on credit scoring: here are answers to five of the most commonly asked questions about credit scoring in mortgage lending, (Mortgage Banking, Mar. 1997).
An introduction to credit scoring, (San Rafael, CA: Fair Isaac & Company, 1992). HG 3751 L58
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