The three national credit reporting companies have launched a jointly developed credit scoring system designed to simplify the credit granting process by providing a consistent score to the marketplace.The system, called VantageScore, was developed as a result of market demand for a more consistent and objective approach to credit scoring, according to Costa Mesa, Calif.-based Experian. The system uses score ranges from 501 to 990 and assigns letter grades of A through D and F to each range. The top grade of A will be assigned to a borrower with a score of 901 to 990, and the other grades and score ranges are as follows: B, 801-900; C, 701-800; D, 601-700; and F, 501-600. "The new scoring system addresses the potential weaknesses in existing scoring solutions in the marketplace because any variances in credit scores between credit reporting companies will be attributed to data differences within each of the three consumer credit files and not to the structure of the scoring model or interpretation of the data," Experian said.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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