Changes to Credit Reporting and What it Means for 2023 Buyers
Posted by Larry Tollen on
Changes to Credit Reporting and What it Means for 2023 Buyers
For many who are looking to buy a home, the variability in interest rates may have put a halt to your search. Some of our Buyer clients have concerns about obtaining financing, as a result of their credit scores as interest rates rise, they assume they won't qualify.
If you share these concerns, we have great news. There are big changes to how credit is being calculated and debts reported that may impact your ability to borrow, in major positive ways. Let's go over the five major changes to credit reporting in 2022 that impact your ability to borrow in 2023.
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The No Change Change. Credit scores stalled in 2022. Overall the average gain was 7 points, which takes scores back…
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