NAR Credit Policy
The list below features current credit score and credit reporting issues monitored by our legislative and regulatory policy staff.
If you have any questions about the topics listed below, please contact Charles Dawson at 202-383-7522, or Tony Hutchinson at 202-383-1120.
Federal Reserve Releases Housing White Paper (January 17, 2012)
Issue Summary: Credit Policy
NAR Letters to Congress: Credit Policy
NAR Letters to Federal Agencies: Credit and Mortgage Scoring
Webinar: Addressing the Credit Impacts of Foreclosure
Large Lender Meetings Summary: Originations and Servicing Issues (PDF: 125 KB)
Credit Scores and the Impact of Foreclosures and Other Credit Problems
Many REALTORS® have questions about FICO scores and the impact of various adverse credit events on the score. A FICO score is a credit score computed using proprietary formulas of the FICO Corporation (formerly called Fair Isaac), but there is not just one FICO score, for reasons described below. The following FAQs, for the most part, are based on information posted by the FICO Corporation, including "Understanding Your FICO® Score" and Q&As found on the "Education" tab at www.myfico.com. NAR has also prepared a chart showing the impact of various adverse credit events on the ability of consumers to purchase another home with a FHA, Fannie Mae, or Freddie Mac mortgage.
REALTORS® Help Buyers Overcome Tight Mortgage Credit (Nov. 13)
NAR Credit Policy > (PDF: 829 KB)
Frequently Asked Questions: FICO Score > (PDF: 289 KB)
Impact of Adverse Credit Events on the Ability of Consumers to Purchase Another Home > (PDF: 207 KB)
The Fair and Accurate Credit Transactions Act of 2003 (FACT Act)
New regulations that became effective in 2008 affect NAR members that have affiliated businesses and those that deal with credit reports.
View the rules for disposing of consumer report information >
