The Federal Home Loan Bank of New York has adopted VantageScore 4.0, enabling lenders to utilize alternative data like rental payment histories to evaluate borrower worthiness.
Democratic Reps. Ritchie Torres and Gregory Meeks supported FHLBNY's initiative, emphasizing how it addresses barriers faced by underserved homebuyers and helps in wealth creation.
Torres stated that recognizing Vantage Score 4.0 is foundational for widening credit access, supporting those who consistently pay rent but lack traditional credit histories.
Meeks shared his personal background, reinforcing the significance of homeownership in fostering wealth, reflecting a broader societal need for inclusive credit solutions.
Collection
[
|
...
]