When you hang out with real estate people, you will hear a lot of lingo or jargon. Two very important words that often appear in real estate conversations these days are FICO and CLUE, and it is helpful for you to be CLUED-in to make your real estate experience more successful.
This is from MYFICO.COM
FICO® scores are your credit rating.
They range from 300-850, higher is better
Most lenders base approval on them
Higher scores mean lower interest rates
FICO® scores are calculated based on your rating in five general categories:
Payment history, amount owed, length of credit history, new credit, types of credit used.
CLUE reports are insurance history reports on losses associated with personal property. Of particular interest are losses due to water damage in a home. CLUE reports are important to home buyers and sellers. A home with a bad CLUE report will be hard to insure, and as a result, hard to sell, and to buy. It is very important to know about this issue and prepare your purchase contract with this as a contingency when you are purchasing a home. This from Choice Trust
"The C.L.U.E. ®Personal Property report provides a five year history of losses associated with an individual and his/her personal property. The following data will be identified for each loss: date of loss, loss type, and amount paid along with general information such as policy number, claim number and insurance company name."