MCMF Study Guide Blog

How Mortgage Delinquencies Hurt Credit Scores

Posted by jenniferhamby

Apr 6, 2011 7:04:49 AM

The FICO credit score is a standard consumer credit risk analyzer in the financial industry, used by more than 90% of all major lenders. Although credit score calculation criteria {(i.e. payment history (35%), amounts owed (30%), length of credit history (15%), type of credit (10%), and new credit inquiries (10%)} is public knowledge, the exact formula is a tightly guarded secret. However, we now have a bit more insight into how FICO evaluates mortgage delinquencies.

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Topics: Understanding Credit Scores

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