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Essay / Research Paper Abstract
A 5 page paper proposing a study into the effectiveness of using the credit score (usually FICO) in favorably deciding mortgage applications. Those with low credit scores at the outset may have been building their credit slowly over time and may have been on an upward trend. Conversely, others may have been on a downward trend that was not immediately recognizable because their credit scores had not yet been greatly adversely affected. The study seeks to determine whether lenders should be using additional information and perhaps give the credit score less weight in the decision-making process. Bibliography lists 3 sources.
Page Count:
5 pages (~225 words per page)
File: CC6_KSresMortBiz.rtf
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Unformatted sample text from the term paper:
were not privy to their credit scores, most notably that derived using the complex formula of Fair, Isaac and Company (FICO). The three-digit number ranging from 300 to 900
is touted as being quite useful in summarizing the credit information available on an individual, and it - or one of its counterparts - commonly is used as a barometer
by all sorts of businesses and other entities examining an individuals credit history. Critics of the credit score, however, maintain that it is
less useful than users give it credit for in that it is based solely on past history and makes no provision for individuals changing circumstances. The mortgage business increasingly
deals with the subprime customer, who by definition has a lower than optimum credit score. The purpose here is to devise a research method that can assess whether individuals
credit scores have been reliable indicators of future behavior relative to mortgage payment history. The Credit Score and the Research Problem The value
of an individuals credit score, most notably a FICO score as mentioned above, was a closely guarded "secret" only a few years ago. Regarded by lenders as privileged information
that the consumer should not have, lending decisions were based on factors beyond consumers control. Those denied mortgages on the basis of a low credit score received a cryptic
reason in their rejection letter that did not tell them what they could address in the future. A joint study by the Consumer
Federation of America and the National Credit Reporting Association examined 502,623 merged credit files to find that "29% of consumers had scores with a range of at least 50 points,
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