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For borrowers who have excellent credit and very acceptable debt positions, there may be virtually no documentation of income or assets required at all. Many of these documents are also not required for no-doc and low-doc loans. Credit Report; 1003 — Uniform Residential Loan Application; 1004 — Uniform Residential Appraisal Report
the option for applicants and borrowers to self report race and ethnicity information in disaggregated format. [13] [14] [15] The collection of race and ethnicity data requires a specific exemption from Regulation B, which implements the Equal Credit Opportunity Act (ECOA). other expanded demographic data; expanded data on loan features and types
The classic FICO credit score (named FICO credit score) is between 300 and 850, and 59% of people had between 700 and 850, 45% had between 740 and 850, and 1.2% of Americans held the highest FICO score (850) in 2019. [15] According to FICO, the median FICO credit score in 2006 was 723 [16] and 721 in 2015. [17]
Score. Experian. Equifax. TransUnion. Most widely used. FICO® Score 9 FICO® Score 8. FICO® Score 9 FICO® Score 8. FICO® Score 9 FICO® Score 8. Used in auto lending
Application scores tend to be dominated by credit bureau data which typically amounts to over 80% of the predictive power compared to 60% in the late 1980s [5] for UK scorecards. Indeed, there has been an increasing trend to minimize applicant or non-verifiable variables from scorecards, resulting in the reliance on credit bureau data.
[50] [51] Rental application rejections and the inability to find sufficient housing is a well known consequence of credit scores as it leaves college graduates unable to participate in society. Even if loan payments are never late, debt-to-income ratios can be too high for landlords to approve an application. [ 52 ]
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A credit rating is an evaluation of the credit risk of a prospective debtor (an individual, a business, company or a government). It is the practice of predicting or forecasting the ability of a supposed debtor to pay back the debt or default . [ 1 ] .