The National Association of Realtors welcomed the announcement from Fair Isaac Corp. (FICO) over its new credit scoring rating, which it said would improve access to homeownership.
NAR President Steve Brown said in a statement, “Realtors welcome today’s announcement from Fair Isaac Corp., or FICO, that it will no longer penalize borrowers for certain debt-collection activities when calculating credit scores.
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.
Brown said the NAR would continue to support efforts to broaden access to credit for qualified homebuyers.
The NAR issued the statement as it also noted that favorable exchange rates, affordable home prices and rising affluence abroad continue to drive international buyers to the U.S. to purchase properties and make real estate investments.
Keeping alive the Dream of Ownership!