Your Rent and Utility Payments – A New Credit Score

Auto dealers and credit card companies have already embraced the credit scoring system in which would be borrowers use rent, utility payments and a clean checking account to build credit. This expansion launched by FICO (What is Credit – for more info) is designed to help prospective borrowers with minimal credit histories obtain loans and credit scores.

Mortgage lenders are unlikely to use this system unless Fannie Mae and Freddie Mac purchase these loans.

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