Congresswoman Terri Sewell

Representing the 7th District of Alabama
 

WaPo: Mortgage applicants may benefit from changes in credit-scoring system

Jan 5, 2016
In The News

If you’ve been frustrated that the credit-scoring system has prevented you from getting a home mortgage, 2016 could be a watershed year. Important changes are in the works.

The biggest players in the mortgage field are under pressure from federal regulators and Congress to adopt more-inclusive and updated credit-scoring models that incorporate non-banking forms of credit, such as rent, utilities and cellphone payments to supplement what’s in consumers’ standard credit files. For people who have thin files with minimal data at the national credit bureaus — or no files at all — the changes could bring tangible improvements.

Click here to read more: https://www.washingtonpost.com/realestate/mortgage-applicants-may-benefit-from-changes-in-credit-scoring-system/2016/01/05/5ec136ae-b306-11e5-a842-0feb51d1d124_story.html