Credit Personalization

There is current talk of a brand new credit scoring system or a revamped version of the current system.

Many people feel that the current system of scoring is not only discriminatory but also does not take into account personal information that may help one’s score.

Under the new system credit scoring would be more personalized and may help those who have just recently found themselves underwater financially or in need of help.

For instance, if you have always paid all your bills on time, kept up with credit cards, never really spent beyond your means, but have recently found yourself upside down in your home due to current market conditions what can you do? A foreclosure is usually the last option and a much better one may be a short sale.

But how will a short sale impact you in the future? Under this new system, hopefully not much at all. By personalizing your report to show that you are a responsible person not only with other credit that you have (credit cards, car payments, a lengthy mortgage payment history, etc.) and you only have this one small blemish on your record due to market conditions then future credit pulls should still see you as a favorable credit risk thus allowing you better rates, access to more credit, and a more stable financial future.

I’ll post more on this as I learn more about how it will help us all recover from our current economic & real estate depression that we are in.

Related posts:

1. 10 Credit Repair Tips
2. Credit Repair Strategies from a Credit Repair Professional
3. How Short Sales Affect Your Credit
4. Credit Reports to be pulled before closing!!
5. Can I buy a home after a short sale?