The National Association of Realtors applauded the FHFA's decision to allow VantageScore credit ratings, along with traditional FICO scores, for mortgage underwriting. This move aims to modernize the credit scoring system and reflect consumers' financial management better. It will incorporate timely payments on rent, utilities, and telecom into creditworthiness assessments. Acceptance of multiple credit scoring models is also expected to enhance competition within credit reporting, leading to lower costs and improved accuracy, ultimately increasing homeownership accessibility for qualified Americans.
"The National Association of Realtors® has long called for modernizing the credit scoring system to better reflect how today's consumers manage their finances."
"Expanding the number of acceptable credit scoring models also fosters competition in credit reporting, which will lower costs, increase accuracy, and ultimately help more qualified Americans achieve homeownership."
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