From the Graebel Newsroom.
NEW FICO® 9 CREDIT SCORING PROCESS FEATURED IN GRAEBEL RELOCATION SPECIAL REPORT
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|(Aurora, COLO USA) Today, Graebel Relocation has issued its latest Special Report that outlines the new FICO® 9 credit scoring method and the potential benefits that it may pose for homebuyers including the Millennial generation. Since January 2014, home lending requirements in the U.S. became more difficult and the new FICO score may help certain homeowners in the mortgage approval process.The Graebel Special Report points out that potential homebuyers may realize other benefits if they relocate to a hot job market such as Dallas, Salt Lake City, Minneapolis, New Orleans, Seattle, Austin, and Denver which is home to the Company’s world headquarters. Employment growth has averaged 2.8-percent over the past year in these locations versus 1.9-percent for all U.S., and corresponding home values have remained reasonably priced during this period. Home prices and still-low mortgage rates may aid homebuyers in trying to qualify for financing in these metropolitan markets, and possibly if the new FICO 9 scores are weighed.
Homebuyers with limited credit history, previously paid collections including medically-related collections may experience an improved FICO rating. Overall, on average, affected borrowers are expected to realize a 25-point increase in their credit scores once the changes kick in. This will allow more people to open credit cards and potentially raise their credit limits or grab better interest rates, when or if lenders are able to adopt this new rating system.
To download this complimentary Graebel Special Report or other award-winning market intelligence documents researched and developed by Graebel visit: http://www.graebel.com/home/media-center/market-intelligence-reports/.