Bob Taylor Properties, Inc.

Telephone 323-257-1080
5526 N. Figueroa Street
Los Angeles,
California, 90042, USA

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  • Credit Bureau Scores are one of the many elements that are reshaping today's mortgage industry. Credit scoring has been around since the 1950's, and Credit Bureau Scores--scores based solely on credit bureau data--became widely available in the 1980's. Today, Credit Bureau Scores are used extensively in such industries as bankcard and auto lending. The following are answers to frequently asked questions.

    What is a Credit Bureau Score, and how is it calculated?

    Credit bureau scoring is a scientific way of assessing how likely a borrower is to pay back a loan. A Credit Bureau Score is based on the data available in the borrower's credit report. The score measures the relative degree of risk a potential borrower represents to the lender or investor. It is not a measure of a borrower's income, assets, or bank account, although those and other factors are still considered by lenders and investors, independent of the score.

    Fair, Isaac Credit Bureau Scores range from approximately 450 to 850 points, and are available through the three national credit data repositories (Equifax, Trans Union, and TRW). The scoring programs reside at these credit bureaus and are called:

    This score is calculated at the repository, and is based solely on the data within that repository's individual credit file.

    A Fair, Isaac Credit Bureau Score, sometimes referred to as a FICO score, is calculated by a system of scorecards. In developing these scorecards, Fair, Isaac uses actual credit data on millions of consumers, and applies complex mathematical methods to perform extensive research into credit patterns that forecast credit performance. Through this process, Fair, Isaac identifies distinctive credit patterns. Each pattern corresponds to a likelihood that a consumer will make his or her loan payments as agreed in the future. The score is based on all the credit-related data in the credit bureau report-- not just negative data such as missed mortgage payments or bankruptcies.

    The types of credit information used in the credit bureau scorecards are typically the same items an underwriter would use to make a credit decision. These can include: