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COMMENTARY While I have been in the market for a house for some time now, my biggest obstacle has been coming up with the money that I will need for a down payment. However, thanks to a new kind of credit report that will now be used by the banks, my new obstacle might be my credit, even though my current credit score is good.
New Credit Game
The new type of credit report is one that is being put out by a company called CoreLogic . According to an article on Yahoo! Finance , the new credit report, it will be so inclusive that there will be little that will be held back. In fact, things that were never showing up on credit reports in the past, like missed rent payments that may have been sent to a collection agency, will now show up and will affect a credit score.
Checking My Own Credit
I already have my credit monitored, but in light of this new type of credit report that will be run, I will now have to see for myself if there is anything amiss with my credit. This will likely require me paying some type of fee in order to do so and I will likely have to do it with CoreLogic, but when the time comes for me to make a bid on a home, it is important to me that all my ducks are in a row, so to speak.
More than Just Me
Another concern I have with this new type of credit report is my wife. While I know that her current credit score is better than my own, there may be some things that get dug up that she doesn't even know about. So, I will again be looking to check into her credit score using this new method so we are more than ready when the time comes to buy a house.
The Way it Will Now Be
CoreLogic will not be an additional credit score to be considered. In fact, the article says that they will work with FICO, t he best known and most widely used credit score model in the United States, in order to create a much more accurate credit score. So, while this is looking like it is the new way in which banks will be lending money, it is only doing one thing for me; adding to my anxiety.
However, my resolve remains strong to own a house in the near future. If this means that I have to jump through a few more hoops and pay a bit more money out of my already tight budget to make sure our credit is squeaky clean, then that is what I will do. I just hope that there are no skeletons hanging in the back of my closet that will come out and haunt me once this new credit report is run.
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