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New credit scoring could help home buyers

Borrowers won't be penalized for certain debts

The National Association of Realtors this week praised a decision by FICO, the Fair Isaac Corp. credit monitoring agency, that it will no longer penalize borrowers for certain debt-collection activities when calculating credit scores.

"This move will ultimately make a real difference in the lives of millions of Americans, who have been shut out of the housing market or forced to pay higher mortgage interest rates because of flawed credit scores.," said NAR President Steve Brown.

"Since the housing crash, overly restrictive lending has been the greatest obstacle to home ownership," he added. "NAR will continue to support efforts to broaden access to credit for qualified home buyers." n

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