Climate change could impact your credit score

(CNN, KYMA/KECY) – People looking for homes in areas traditionally hit with severe weather could also be hit in the wallet unexpectedly.

According to a new report from the climate risk financial modeling firm “First Street”, credit scores may be affected higher and lower if potential climate disasters are taken into consideration.

In addition, they say that some mortgage lenders could be leery about some of the policies for home seekers in areas more likely to be hit by wildfires, hurricanes, and tornadoes.

“First Street” says that weather cost mortgage foreclosures could result in $1.2 billion in lender losses this year; with the majority taking place in California, Florida, and Louisiana. They forecasted this could rise to nearly $5.5 billion over the next decade.