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Officials Agree Credit Scoring System Needs Improvement

Monday, April 6, 2015

The National Association of Realtors® (NAR) recently hosted a meeting of about a dozen real estate and mortgage industry experts to examine the current state of credit scoring and how it might be improved.  The group, which included Housing and Urban Development (HUD) Secretary Julian Castro, concluded that the calculation of credit scores "needs to change to reflect how people live their lives today, or millions of people will continue to fall outside traditional calculation models and not be able to become home owners."

Castro told the group that HUD was looking at the credit scoring issue as part of its effort to improve Americans' credit access.  There is a need to look at new ways of analyzing data to reflect the responsibility people show in their lives that is predictive of future behavior and paying down a mortgage. "There's been a disconnect there," the Secretary said.

 

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