February 12, 2015
A new bill in Congress could significantly impact your ability to secure a mortgage by changing the way lenders look at credit scores.
In December 2015, two members of the U.S. House of Representatives introduced a new bill. Known as H.R. 4211, or the Credit Score Competition Act, the bill is in its first stage of the legislative process. Although it’s a long way from becoming a law (and your eyes may have glazed over at all that legislative jargon), future homebuyers have good reason to keep an eye on this bill. Proponents say it should help a number of first-time homebuyers compete in the real estate market.
That’s because the bill would push for a new credit-scoring system, one that could potentially allow more buyers to secure funding (and be more competitive in the Portland, OR, real estate market and other challenging markets). But how much will it really help your credit-score rating – and how quickly
It’s great that you mentioned that first-time homebuyers will be able to benefit from the new bill regarding the credit scores. Actually, I have a bad credit score that is why I am needing the help of the professionals. I just need to have it fixed to buy my own house soon. But I will wait for this law to be imposed.