-->Aus Detroit Free Press:

THE NATION'S HOUSING: New nontraditional credit rating in works

October 26, 2003

WASHINGTON -- Two of the largest behind-the-scenes players in the American home mortgage market are working on important breakthroughs for modest-income, first-time home buyers: new electronic credit assessment tools for applicants with nontraditional credit histories, plus discount-priced, single-fee settlement packages.

Fair, Isaac & Co. -- the originator of the FICO score, the dominant credit-evaluation measure used in the mortgage market -- confirmed last week that it is developing alternative online scoring mechanisms for loan applicants who have minimal banking, credit card or loan histories.

The main purpose of the new scoring tools will be to open the door to home purchases by recent immigrants and others who currently score poorly -- or don't have scores -- because they have little or no repayment information in their credit reports.

Current FICO scoring models focus heavily on national credit bureau data -- credit cards, mortgages, auto loans, student loans and revolving charge accounts. Yet millions of consumers make relatively scant use of traditional credit products. They have cultural aversions to banks and prefer to borrow from relatives or community resources. Or their credit relationships are not reported to the bureaus -- monthly rent payments, utility payments, telephone bills, rent-to-own purchases and the like.

Still others may be victims of nonreporting by their major creditors; giant student loan finance company Sallie Mae is a prime example.

With little or no repayment data in their credit files, such consumers frequently end up with artificially depressed FICO scores and are charged higher interest rates and fees or are rejected when they apply for loans.

Though Fair, Isaac spokesman Craig Watts declined to identify specific sources of alternative credit information, he confirmed that the company wants to be helpful to lenders in better evaluating loan applicants whose nontraditional credit patterns may unfairly penalize them. Banks and mortgage companies who seek to expand home loan activity within fast-growing minority and immigrant communities are likely to be heavy users of the alternative FICO credit tools.
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Der Mortgage Apparat muss offenbar am Laufen gehalten werden. Also kommen jetzt die Immigranten dran, denen man bisher noch keine Mühlsteine (Kredite) um den Hals hängen konnte. Heisst aber auch: wer in Amerika bisher keinen Kredit genommen hat, ist nicht kreditwürdig.
Ja der Apparat muss am Laufen gehalten werden, bis das Ganze zerbricht. Es hängen doch so viele schöne Positionen daran - Selbsterhaltungstrieb.{{kotz]]
Politico.

<ul> ~ http://www.freep.com/realestate/renews/harney26_20031026.htm</ul>