Here's a quick peek at this year's 40 participating homes. From entry-level homes to high-end luxury properties, there is something for everyone! So whether you are looking to build your own home
Rental Payment Histories May Count In Credit Scores
Dated: 07/01/2014
Views: 1373
DAILY REAL ESTATE NEWS | TUESDAY, JULY 01, 2014
Renters who have never been late with a rent payment will find that their stellar record wont do anything to lift their credit scores when it comes time to shop for a mortgage. But that may soon change: Two of the main credit reporting agencies, Experian and TransUnion, reportedly are starting to incorporate verified rental payment data into credit files and using it to compute the consumers' credit scores when they apply for a mortgage.
"At a time when record numbers of first-time buyers are missing in action in the home-purchase market — many of them in part because their credit scores don't make the grade — the non-reporting of key credit records is costly to them and the economy as a whole," The Columbus Dispatch reports.
Some companies also are stepping in to ensure renters get their on-time payment histories included when applying for a mortgage. ECredable, an alternative credit data company, says it will verify renters' payment histories that haven't been reported to the major credit bureaus, and then generate a credit report and score. Potential home buyers are then urged to present the report to mortgage loan officers and ask that the information be considered in their application for a mortgage (which the lender is required to do under federal credit regulations).
Source: “Credit Scores Might Soon Reflect Rental Payments,” The Columbus Dispatch (June 29, 2014)
Phil Mount
Phil Mount is an agent at Front Street Brokers in Boise, Idaho. Phil became a licensed REALTOR in August 2009 after a 25 year career as a technology marketing professional. In his first year as an a....
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