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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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Linden was very professional, knowledgeable, efficient, patient and personable. All of these qualities played an important part of processing and closing the loan. Linden was great through the whole process of working with me, to working with the real estate company, and other offices involved. I know the seller’s real estate agent was rude and hard to work with at times. It was unfortunate that Linden had to deal with it but he handled the situation professionally. Also, I was gone 95% of the time traveling for work while buying the home. Linden was great about working with me while I was away and helped keep things moving and organized. It was greatly appreciated.
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