Sentences with phrase «on alternative credit scoring»

The FHFA issued a request for input on alternative credit scoring models in December with comments due at the end of March.

Not exact matches

FICO, the company that created one of the most widely used credit - scoring systems in the U.S., recently announced it was starting a pilot program to increase the number of consumers who could be assigned a credit score based on alternative data, such as utility and phone bills.

Watt, a former congressman from North Carolina and long - time member of the House Financial Services Committee, threw cold water on the idea that Fannie and Freddie would begin using alternative credit scoring models at any point in the next two years.

Further on, we also explore alternatives that companies can turn to, and obtain a better card despite a poor business credit score.

While alternative lenders have higher APRs on average, you can still find reasonable terms if you have a good to excellent personal credit score — defined as any FICO score above 680.

Despite their relatively high risk from a traditional credit - scoring perspective, «those who maintain satisfactory payment status on alternative loans can in fact present acceptable risks on traditional credit products,» says Matt Komos, TransUnion's vice president - research and consulting.

However, if a traditional bank or other lending alternative is willing to loan you money on better terms than the P2P lending company (or the P2P lending company is unwilling to lend you money perhaps due to a poor credit score), then it probably makes sense to look elsewhere for a loan.

In fact, the trick to getting the approval stamp on unsecured loans with bad credit scores a factor, is having alternative pitches to make.

It's true, debt settlement will likely hurt your credit score, but the alternatives also may have an effect on your credit.

The credit reporting industry is actually working on their own alternative scores.

As an alternative to the traditional credit check, Z Score lets landlords examine each potential tenant based on a quantifiable score — from one to 100 — based on more than 80 risk facScore lets landlords examine each potential tenant based on a quantifiable score — from one to 100 — based on more than 80 risk facscore — from one to 100 — based on more than 80 risk factors.

And while alternative scores — usually the VantageScore produced by TransUnion — will provide a general view on the trajectory and status of your credit, if you're looking for the most reliable score before applying for a loan or mortgage, there's no alternative for the real thing.

Because Enova already looks at a lot of data in credit reports beyond the standard credit scores, as well as alternative sources of data, DeCosmo said he doesn't think the change will affect Enova's business as much as some other businesses that are more reliant on third - party - produced scoring.

The approval process doesn't rely on credit scores, but rather alternative data.

If you can maintain a good credit score by eliminating debt on your own, that is obviously a great alternative to bankruptcy.

While there are alternative credit reporting agencies that you can ask to collect information on your utility payments, the credit scores that most financial services companies look at don't include on - time utility payments.

While alternative lenders have higher APRs on average, you can still find reasonable terms if you have a good to excellent personal credit score — defined as any FICO score above 680.

The best alternative will do a soft credit check which won't have any effect on your credit score.

These alternative scores take into account far more than just past credit payments, including the frequency with which people pay their rent and utilities bills on time and in full each month.

Analysts say the legislation, if passed in its current form, is a win for VantageScore, which has more to gain from a deeper focus on credit - scoring alternatives.

However, some consumer groups, which initially supported the thrust of the bill and using alternative data to score more borrowers, have cooled on the measure because the FHFA is already exploring alternative credit models.

There are also other companies that offer private student loans without cosigners, such as alternative underwriting criteria that allow you to qualify for a loan if you have good grades and are planning to go into certain fields rather than just based on your credit score.

If your application for a Chase credit card is still denied, there are other alternatives, depending on your credit score and history.

They factor rent payments on your apartment into an «alternative credit score.»

«The Economic Growth, Regulatory Relief, and Consumer Protection Act contains some favorable provisions for the housing industry, including expanding Fannie Mae and Freddie Mac's use of alternative credit scoring models; holding Property Assessed Clean Energy, or PACE, loans more accountable; and improving access to manufactured housing, as well as easing credit through reduced regulatory burdens on smaller community banks and credit unions,» said NAR President Elizabeth Mendenhall in a statement.

FICO, the company that created one of the most widely used credit - scoring systems in the U.S., recently announced it was starting a pilot program to increase the number of consumers who could be assigned a credit score based on alternative data, such as utility and phone bills.

On the mortgage credit side, NAR continues to work with federal regulators to find ways to increase the availability of credit, including alternative scoring methods.

«It contains some favorable provisions for the housing industry, including expanding Fannie Mae and Freddie Mac's use of alternative credit scoring models and easing credit through reduced regulatory burdens on smaller community banks and credit unions.»