We always knew that most people have decent credit. It turns out, about 44 percent of the U.S. population has crazy good credit. That's according to a new way to model credit risk from Fair Isaac Corp. (FICO) and the data firm CoreLogic (CLGX).
On July 10 the companies launched a new credit score that combines the data that credit bureaus typically track, such as mortgages and credit cards, with outside data CoreLogic mined from public records, like property records and liens, and from its proprietary sources, such as short-term installment loans for used cars and rental information. "By having that added visibility, we are able to get a more precise score and picture of the borrower," says Tim Grace, vice president of CoreLogic, based in Santa Ana, Calif.