Sentences with phrase «traditional credit history»

Additionally, the consideration of non-traditional credit continues to be quite helpful to many first time home buyers who lack a sufficient traditional credit history.

That means the buyer will probably pay a higher interest rate for a home loan than someone who has a good traditional credit history.

Clearly the new FICO score could help consumers with a thin traditional credit history.

Regulatory endorsement of the online lending model was illustrated just recently when the CFPB granted its first ever «no - action» letter to an MLA member to further the use of alternative credit data, which eventually may help reduce borrowing costs for millions of Americans who have little traditional credit history.

This new score aims to help lenders assess an individual's credit rating who may not have a strong traditional credit history, but instead has a strong profile of paying bills and other obligations on time.

First - time home buyers, no matter what their income, may not have had time to build an extensive, traditional credit history.

A recent CFSI review of early test data on three of the projects listed above — FICO Expansion Score, RiskView, and Link2Credit — concluded that alternative credit scores can be generated for most individuals who lack traditional credit scores and that alternative scores have meaningful, predictive value for lenders who extend credit to individuals with little or no traditional credit histories.13 /

Many renters have no traditional credit history, but they could be trustworthy tenants.

What if we changed credit standards so that more people without a traditional credit history could qualify for a mortgage?

According to the Office of the Comptroller of the Currency, a major bank regulator, «although many people now renting do not have traditional credit histories or scores, they do want to become homeowners.»

However, even if you don't have a traditional credit history in the United States, you can provide alternative information — such as payment history on rentals and utilities or credit history from a credit reporting agency in your home country.

Please note that your denial was not due to your traditional credit history or credit score.

While the FICO ® Score works well for the 200 million Americans who have a traditional credit history, there are nearly 30 million Americans who don't but still may need and deserve access to credit.

These consumers face many challenges on the road to home ownership, especially if they lack a traditional credit history.