Big news!! Federal regulators and Congress are pressuring the major credit bureaus to adopt more inclusive scoring models into their systems and include non banking forms of credit. They are proposing that items such as rent and utility payments be included in the formulas, not just mortgages, car loans, and revolving credit devices like credit cards. The goal of the proposed legislation is to expand the scope of the scoring system so that individuals and families that don’t use revolving credit as much can have a better opportunity to qualify for mortgages.
In my many years of working in and around government I have been continually frustrated with the maze of bureaucracy and its constant growth. When I look at how many State and Federal agencies are listed in the various directories I often wonder how and why they were conceived and what the people who work there actually do!!