SALISBURY, Md. — More than 50 million consumers–an estimated 25% of the mortgage market–do not qualify for mortgages because they do not have traditional lines of credit such as credit cards or student loans. However, many of them pay their rent, gas, electric and phone bills on time–factors that are not included on a credit report unless they are paid late.
Credit unions looking to expand their mortgage business might want to consider a new service that provides financial institutions with alternative credit reports.
Allen Johnson, Credit Plus chief sales and marketing officer, said that a thin credit file does not necessarily mean that a credit applicant is a bad credit risk.
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