Credit Scores

Dated: 10/05/2017

Views: 53

"Get in the game!”

Many consumers have incorrect information about credit scores that keeps them from enjoying homeownership at today’s great interest rates. For example:

  • Over 80% of consumers say they’ve seen their credit score, but when asked what their score is, almost half of them either say they ‘don’t know’ or they provide a number that is outside of the 300–850 score range.

  • Over 50% of consumers either didn’t know or got wrong the minimum credit score required for a home loan (Fannie Mae’s minimum requirement is 620; the average consumer response was 652). This misconception keeps many qualified people from applying for a home loan—if they had the correct information, they may qualify. A credit report is just one aspect of a client’s financial profile.

  • Many consumers think requesting their own score will lower it. They don’t know the difference between a soft inquiry (when a borrower pulls his or her own score),which doesn’t lower a score, and a hard inquiry (when a lender pulls a credit report), which can lower a score.

Over the next several weeks, we’ll be sharing a variety of materials—videos, emails, infographics, etc.—to educate clients about credit scores, so they can “get in the game” and enjoy homeownership. 

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