Millions Could be Helped By New Credit Score
Okay, so I was reading yet ANOTHER article in CNN Money News. It was talking about the new credit score coming which will be called by the name VANTAGESCORE 3.0.
This new credit scoring system will help with many things. Two of them stood out in my mind. As I have kids the biggest benefit I can see is the fact that people with no or little credit will actually be rated and can by larger items they may normally have to have a cosigner for.
Citizens who have been in collections but have paid off that debt currently see those issues appearing on their credit score for up to seven years. Now, however, those will be wiped off as soon as they are paid off.
And for residents affected by natural disasters such as a major hurricane, will be able to benefit significantly from good credit behaviors. Things such as making payments even through the hardships of such an major life event.
"But the boost only matters if a lender uses the new VantageScore. While FICO is still the most widely used scoring model, the VantageScore is gaining ground. It's currently used by seven of the top 10 financial institutions, six of the top 10 credit card issuers and four of the leading auto lenders and mortgage lenders, according to its website."
There is much more useful information in this article in CNN Money, and I suggest you read it for yourself and for your clients!
Once again, if you need any questions answered or need help in the are with buying or selling, please don't hesitate to contact me. I would be honored to help you. And if you need a FREE HOME EVALUATION, it wold be my pleasure to help you with that as well.
Serving the 210 Corridor - the cities of Monrovia, Duarte, Azusa, Glendora, San Dimas, La Verne, Claremont, Upland, Pomona, Chino, Chino Hills, Rancho Cucamonga and Fontana - wherever the need arises.
Warmest Regards,
Linda K. Mayer, Realtor
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
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