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Climate change could impact your credit score, report says

KWQC · last updated

(CNN) — People looking for homes in areas traditionally hit with severe weather could be hit in the wallet unexpectedly.

A new report is out from First Street, a climate risk financial modeling firm.

The report says credit scores may be affected, higher and lower, if potential climate disaster risk is taken into consideration.

In addition, the report says some mortgage lenders could be leery about granting policies to home-seekers in areas more likely to get hit with wildfires, hurricanes and tornadoes.

First Street said weather-caused mortgage foreclosures could result in $1.2 billion in lender losses, with the majority in California, Florida and Louisiana.

Those lender losses could rise to nearly $5.5 billion annually over the next decade.

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