Realtors Applaud FICO Calculation Changes
Washington, DC, Aug. 11, 2014 -- The National Association of Realtors said it supports the decision of Fair Issac to make some changes related to how it calculates FICO credit scores.
Fair Issac said it will no longer penalize borrowers for certain debt collection activities.
“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," said NAR President Steve Brown.
"Since the housing crash, overly restrictive lending has been the greatest obstacle to homeownership."