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Correcting the “Disconnect” in Credit Scores

It should be one of the first factors you look at when you begin planning to buy a Carlsbad house, because unless you are in the rare position of being able to make an all-cash purchase, sooner or later your credit score will become a prominent factor. There was an important get-together in Washington this month which held some information that could ultimately become pretty important for both Carlsbad home buyers and sellers.
The meeting was held at the National Association of Realtors headquarters, with participants that included HUD Secretary Julian Castro, credit score industry representatives from FICO and Vantage Score, and other experts in research, government, and real estate. This might seem to be the kind of gathering (“Symposium,” in this case) that is usually more productive of eyes glazing over than much else, but for Carlsbad home buyers and sellers, this one was different.
The subject was “Credit Access”—how companies determine the credit scores that guide lenders’ decisions on who will and won’t be offered home loans. The consensus was (and is) that current credit score formulas could stand some improvement. Secretary Castro’s Keynote set the table when he said that there is a recognized need to find new ways ... more

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