Field Guide to Credit Scoring
(Updated August 2009)
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 page includes articles and books relating to credit scoring. (D. McCormick, Technical Coordinator)
Information from NAR
How Will Foreclosure Affect Credit Scores?, (REALTOR® Magazine Online, Mar. 19, 2009).
7 Common Credit Report Mistakes, (REALTOR® Magazine Online, Feb. 2009).
Rx for Consumers' Credit, (REALTOR® Magazine Online, Jan. 2009).
Good Credit is Step One for Buyers, (REALTOR® Magazine Online, July 22, 2008).
Going Beyond the Credit Score, (REALTOR® Magazine Online, June 23, 2008).
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 Score Checkup Can Make a Difference, (REALTOR® Magazine Online, July 31, 2006).
Buyer Niches: Tap into Emerging Markets, (REALTOR® Magazine Online, Apr. 2006).
Knowing the credit score, (REALTOR® Magazine, May 2002).
realife: Win at the Credit Scoring Game, (Money, Sept. 2009). Q
New credit rating guidelines cut homeowners no slack, (Sun-Sentinal.com, Aug. 20, 2009).
Five things that don't affect your credit score, (Biblemoneymatters.com, Aug. 2009).
A few quick steps can give you a better credit score, (Washington Business Times, Apr. 17, 2009).
Fair Credit Reporting Act Update-2008, (The Business Lawyer, Feb. 2009). Q
Credit-Score Pitfalls of the Wealthy, (Wall Street Journal, Feb. 17, 2009). Q
A Credit Score Gets Harder to Find, (Wall Street Journal, Feb. 9, 2009). Q
Home Equity to the Rescue, (Realty Times, Nov. 13, 2008).
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).
A new way to report risk, (Credit Management, July 2007). Q
Credit unions move into business banking, (San Francisco Business Times, Apr. 20, 2007).
Credit Data on the Fly, (US Banker, Apr. 2007). Q
Credit Scoring - Not Just for Rocket Scientists, (Business Credit, Mar. 2007). Q
Blended Scores are Better Scores, (Business Credit, Jan. 2007). Q
States Seek Disclosure on Credit Scoring, (National Underwriter, Jan. 1, 2007). Q
Banks may rely more on small-business credit scoring, (San Francisco Business Times, Dec. 1, 2006).
Credit Scores are Ever-Changing, (Realty Times, July 26, 2006).
Credit Scoring System Gives, Takes Away Financial Prowess, (Realty Times, May 10, 2006).
Big Three Announce New Credit Score, (Realty Times, Mar. 16, 2006).
How your credit score is calculated, (About.com, 2005).
Protecting your credit score, (MoneyCentral.MSN.com, 2005).
Learning How Your Credit Scores, (Realty Times, Aug. 5, 2005).
How credit scores work, how a score is calculated, (Bankrate.com, Apr. 28, 2005).
Credit Scores - what you should know about your own, (PBS.org, Nov. 23, 2004).
Don't Score Yourself, (Realty Times, Sept. 10, 2004).
Fannie Mae, (Fannie Mae, 2009).
Fair Isaac Corporation, (Fair, Isaac & Company, Inc., 2009).
Federal Trade CommissionConsumer 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
| Equifax P.O. Box 740241 Atlanta, GA 30374 Phone: 800-685-1111 email: customer.care@equifax.com |
Trans Union P.O. Box 2000 Chester, PA 19022 Phone: 800-322-8228 |
| Experian 475 Anton Blvd. Costa Mesa, CA 92626 Phone: 888-397-3742 |
QSpace PO Box 19729 Irvine, CA 92623 Phone: 888-888-8553 email: contact@qspace.com |
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|
Books, eBooks & Other Resources
eBooks.realtor.org
The following ebooks and digital audiobooks are available to NAR members:
The Credit Diet: How to Shed Unwanted Debt and Achieve Fiscal Fitness (Adobe eReader)
Credit Repair Kit for Dummies® (Adobe eReader)
American Credit Repair (Adobe eReader)
The Complete Credit Repair Kit (Adobe eReader)
The Complete Idiot's Guide to Improving Your Credit Score (Adobe eReader)
Credit Repair (Adobe eReader)
The Pocket Idiot's Guide to Repairing Your Credit (Adobe eReader)
Credit Smart (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
Field Guides & More
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The inclusion of links on this Field Guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked to this Field Guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.
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