A Newer and Specialized Version of the FICO Score

A newer and specialized version of the FICO score advertises analysis of both traditional and non-traditional credit sources to arrive at a credit score. In late 2011, Fair Isaac Corporation partnered with Core Logic, a data analysis company, to create a new type of credit report which takes into account both traditional and nontraditional credit sources. 

This new CoreScore considers an individual’s rental payment history, evictions, child support judgments, applications for payday loans and payment history on utility and cellphone bills when setting the score.

First, the use of nontraditional credit is not allowed by any of these entities to enhance the traditional credit history of a borrower with an otherwise poor payment record. Nontraditional credit is allowed as an alternative to a “thin” credit file, not a bad credit file. [Fannie Mae Single Family/2013 Selling Guide, Part B3-5.4-01; Freddie Mac Single Family Seller/Servicer Guide Chapter 37.4(a)(2); HUD Handbook 4155.1 Chapter 1.C.5.d]