National association of realtors welcomes new credit scoring calculation

The National Association of Realtors has welcomed a new credit scoring calculation, which it says will boost homeownership.

President Steve Brown comment: "Realtors welcome today’s announcement from Fair Isaac Corp., or FICO, that it will no longer penalize borrowers for certain debt-collection activities when calculating credit scores.

"This move will ultimately make a real difference in the lives of millions of Americans, who have been shut out of the housing market or forced to pay higher mortgage interest rates because of flawed credit scores. Since the housing crash, overly restrictive lending has been the greatest obstacle to homeownership."