March 25th, 2016
‘Credit Where Credit Is Due’
By: York Real Estate Group
Ah, the infamous FICO credit score that rules our lives. Until recently, you had limited access to this very important bit of your own vital information, and often had to pay for it at that. According to Chi Chi Wu, National Consumer Law Center attorney, "This is a piece of information that grades you and judges your ability to borrow, and because it is so crucial, you should be entitled to have it.”
FICO has made this easier by allowing banks and credit card companies to offer you free access to your own score. In fact, banks are already paying for this service. And your request will not impact your score, either.
FICO was developed as the Fair Isaac Corporation decades ago, and quickly became the industry standard for judging one’s trustworthiness to receive and repay a mortgage or other new loan. It’s currently used in 90% of U.S. lending decisions.
Even if you think your credit is fine, it’s better to know than not to know, especially since it can help you get better interest rates on loans and mortgages. So find out your current number—and give us a call with any questions about how it might impact your buying or selling decisions.
Connect With York Real Estate Group