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NAR sent a letter to House Financial Services Committee Chairwoman Maxine Waters (D-CA) supporting her bill, H.R. 3621, the "Comprehensive Credit Act."
The letter expresses NAR's support for H.R. 3621. H.R. 3621 includes Rep. Pressley's (D-MA) "Student Borrower Credit Improvement Act," H.R. 3618, the "Free Credit Scores for Consumers Act of 2019," H.R. 3622, the Restoring Unfairly Impaired Credit and Protecting Consumers Act," H.R. 3642, the "Improving Credit Reporting for All Consumers Act," and H.R. 3629, the "Clarity in Credit Score Formation Act of 2019."
Nearly 70 percent of home sales are financed and a borrower's credit report and credit score form a critical gateway to obtaining a mortgage. Unfortunately, inaccurate credit reports and unfair credit reporting methods raise the cost and/or limit access to mortgage credit for many prospective borrowers.