The Smart Team of NOVA® Home Loans

Panel Explores New Credit Scoring Models

Posted To: MND NewsWire

The Urban institute’s (UI’s) Ellen Seidman is reporting on an UI event held last month to discuss what she terms “overly restrictive credit-scoring systems.” The event featured two members of Congress, Representatives Ed Royce (R-CA) and Terri Sewell (D-AL) as well as a panel of representatives from credit scoring and credit bureaus. The event was held to explore whether new credit scoring models can help resolve the difficulties young families have “getting their first foot onto the homeownership ladder.” The two congresspersons have cosponsored HR 898, the Credit Score Competition Act . The legislation, if signed into law, is designed to encourage innovation in credit scoring by setting up competition among credit scoring systems for the business of lenders selling loans to the government…(read more)

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Source: Mortgage News Daily

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