New Credit Scoring and Homeownership

Fair Isaac Corp., or FICO, stated that it will no longer penalize borrowers for certain debt-collection activities when calculating credit scores.

National Association of Realtors® President Steve Brown stated:

“This move will ultimately make a real difference in the lives of millions of Americans, who have been shut out of the housing market or forced to pay higher mortgage interest rates because of flawed credit scores. Since the housing crash, overly restrictive lending has been the greatest obstacle to homeownership.”

“NAR will continue to support efforts to broaden access to credit for qualified homebuyers.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.