Alternative Credit?
This from the International Herald Tribune:
Lenders (such as Citibank, et al,) will consider an alternate credit scoring procedure for immigrants (including illegals) in order to qualify them for home loans. There is no rule that says an illegal immigrant can't buy a home; and there's no rule that says a lender can't lend him money.
So, instead of using social security numbers, bank accounts, credit cards, etc. to calculate credit scores, lenders will begin using rent payments, water and electric bills, etc., as alternate sources of credit information. From those, lenders will calculate the risk of lending for a home mortgage.
Why are they doing this? Because it is foreseen that by 2010 Hispanics will constitute TEN PERCENT of the buying power in these United States!
Lenders (such as Citibank, et al,) will consider an alternate credit scoring procedure for immigrants (including illegals) in order to qualify them for home loans. There is no rule that says an illegal immigrant can't buy a home; and there's no rule that says a lender can't lend him money.
So, instead of using social security numbers, bank accounts, credit cards, etc. to calculate credit scores, lenders will begin using rent payments, water and electric bills, etc., as alternate sources of credit information. From those, lenders will calculate the risk of lending for a home mortgage.
Why are they doing this? Because it is foreseen that by 2010 Hispanics will constitute TEN PERCENT of the buying power in these United States!
posted by John and Flo Martin at 2:10 PM
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