New Credit Scoring Calculation Will Improve Access to Homeownership, Say Realtors®

New Credit Scoring Calculation Will Improve Access to Homeownership, Say Realtors®

WASHINGTON – August 11, 2014 – (RealEstateRama) — The following is a statement by National Association of Realtors® President Steve Brown:

“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.

“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.

Media Contact: Jenny Werwa / 202-383-1193

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With more than 1.3 million members, the National Association of REALTORS (NAR) is the voice for real estate. Visit REALTOR.org to see how our real estate resources can benefit you.

REALTOR® magazine (http://www.realtor.org/realtormag) is the official magazine of the NATIONAL ASSOCIATION OF REALTORS® and the business tool for real estate professionals.

The magazine advances real estate best practices, brings expert insight to significant trends, and provides REALTORS® with timely decision-making tools on business purchases and strategies.

Contact:

Walt Molony
202/383-1177

1-800-874-6500

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