I purchased my home five months before corona virus. My credit score was 786 at that moment. I have been fighting for almost 5 years to fix my credit. Government should help with a research and identify the people that had good credit score before corona and they are now stable again and with a good standing payment history. Those people like me, should receive government help and have their credit score reinstated so we the people can secure our kids future. Reinstate credit score. I DONT NEED DEBT FORGIVENESS Not much money needed for this immense help.
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This sounds less like a policy, and more like “it would be great if we could provide funding to a program to do this.” Which I am still all for…
Or end credit scores entirely.
If I can pay rent at $2000 for 20+ years I should be able to get a mortgage for $1500. Especially as a 100% disabled veteran on a federal disability fixed income.
Credit scores exploit the poor
Higher interest rates on people who already can’t afford to pay
Homeownership is already hard enough
Trash it entirely.
(You still need a 620 credit score for a VA loan, VA loan is just a FH loan with no down payment.)
The Chinese can buy American land before disabled veterans.
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I respect and completely agree with you, J. Aside US, I can only think of another country that uses Social Credit score, China. Not a good comparison ah!