An ambitious effort by one of the biggest players in the mortgage market, Freddie Mac, to open up renters’ access to credit is relying on landlords to help. But few landlords and property managers know the effort exists.
In an effort to help renters build credit vital to buying a home, Freddie Mac has launched an initiative that will encourage operators of multifamily properties to report on-time rental payments to credit bureaus.
If you’re seriously thinking about buying a home in the months ahead, you almost certainly know how important your FICO credit score will be in getting a mortgage.
Potential renters have to come up with more than a deposit to rent in the Boston market these days; they’ll need excellent credit as well.
Tax liens, civil judgements and unpaid medical bills will no longer be counted against consumer credit scores, as of July 1. Lenders and originators have long used credit scores as part of the mortgage application process and will continue to do so, they say, despite the change
Several recent changes to mortgage underwriting and approval standards show a loosening of requirements for approval from Fannie Mae and Freddie Mac – but the jury is out on what impact those changes will have on the overall economy.
The three largest credit-reporting agencies will begin cleaning up credit reports in July, which could help lift the credit scores of about 12 million consumers.
If you’ve heard that some people might get a magic boost to their FICO credit scores in the 10-point range – without having to do anything – you’re right. But hundreds of thousands of consumers’ increases will be much larger.
