Tag: credit scores
Including rent and utility payments in credit reports and scoring models can increase credit scores, and reduce racial disparities in credit scores.
Of the 987 low-income renters whose rents were reported through a pilot program, 79 percent saw their VantageScore increase by an average of 23 points, and 15 percent moved into a lower credit score risk tier.
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Some CDFIs approve loans based on a person’s character instead of their credit score. But they only recommend doing so when you know the applicant.
Three years after the financial meltdown, credit remains elusive in many underserved communities. Although the reliance on credit scores is greater now than it’s been in a decade, many housing activists and community lenders are arguing for other means to evaluate credit risk.
Last week, we asked readers if credit scores were too much of a driver in home loan approval. You answered overwhelmingly that yes, credit...