• Name and address of current and past landlords covering last two years residences.
• Explanation letter for any late payments, collections, judgments, liens, bankruptcies, or foreclosures.
• Closing Statement from sale of current property.
• Copies of last three months bank statements for all accounts.
• Copies of drivers license and social security card.
• If non-resident, a copy of Certificate of Resident Alien Status (Green Card)
• Rental Agreement for any investment properties.

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The most recent versions of the Fair, Isaac's Credit Bureau risk scores in the U.S. incorporate logic to address the problem of multiple credit pulls when buyers are shopping for a mortgage or automobile. The logic reduces the impact on the credit risk score caused by repeated bureau inquiries during the mortgage loan review process, as well as the “shot gunning” of an application that often occurs in the auto-lending arena. The scoring now includes:

A 30-day buffer period.
When a bureau score is calculated, the model will ignore all auto and mortgage related inquiries occurring within the prior 30 days. As a result, multiple inquiries on the applicant’s credit report during the loan review period will not affect their score, provided it takes place within the 30-day period.

A 14-day inquiry dedupe period.
Prior to the 30-day period, all auto and mortgage related inquiries occurring within any 14-day period are grouped together and counted as a single inquiry. These inquiries will be evaluated along with other information present in the credit file to calculate the score.

This special treatment of auto and mortgage related inquiries results in a more predictive model. Fair, Isaac bureau scores now better differentiate between the habitual credit shopper repeatedly applying for credit versus one who may have been briefly shopping for the best credit rate.

If you have any questions regarding credit risk scores, contact Fair, Isaac’s Credit Bureau Scores help line at 1-800-777-2066.

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