Outdated credit-scoring models exclude many creditworthy potential borrowers – including Latinos seeking homeownership. As a result, the National Association of Hispanic Real Estate Professionals (NAHREP) encourages acceptance of the VantageScore model in the mortgage space.
The latest results are in, and they confirm that VantageScore 3.0 remains a highly effective consumer credit risk management tool in all three relevant performance dimensions: predictive accuracy, universe expansion and consistency. VantageScore Solutions is the only leading credit scoring model developer to publish its validation results.
All three national credit reporting companies (CRCs) regularly collect a limited number of public records: bankruptcies, judgments and tax liens. Credit scoring systems view the public records that appear on your credit reports as significantly very negative events—with major potential to lower your credit score.
We debunk a myth: the notion that the credit reports maintained by the three national credit bureaus include a record of your credit score that changes constantly, updating like a ballplayer’s batting average over the course of a season.
An expert in mortgage and consumer lending, Dr. Courchane analyzes outcomes for Asian consumers in the U.S. mortgage market. She discusses ways that the credit scoring industry can help facilitate the extension of more loans to Asian Americans.