FICO and Medical Debt: Will this decision stimulate the housing economy?

  • Looser Credit Restrictions Will Always Stimulate the Housing Market

    The decision to remove medical debt from the calculation of FICO scores will certainly have the effect, desired or not, to provide more access to credit to more people. History has shown that consumers will use credit when it is provided to them, whether or not they should do so. Any potential house buyer who has been holding back on buying because of a lower credit score caused by the inclusion of medical debt will be beating down the door of their banker to get a mortgage now.

  • Yes it might

    By medical debt not mattering as much people's credit scores will improve. This will make it easier for many people to get a loan. If people can get loans to buy a house than the housing economy will improve. The only problem is if these people don't pay their mortgage than the housing economy will fail again.

  • Yes, anything which will boost FICO is good for Housing

    Credit has been the biggest problem in rebuilding the housing market. By boosting FICO scores, credit boosts which will make potential borrowers less risky. This will make lenders more willing to lend to people that they previously would not. This will help people get housing loans, car loans when they previously could not.

  • FICO and Medical debt doesn't change housing economy

    This is honestly a silly question. One has nothing to do with the other. If a person cannot pay their medical bills, they no right to be purchasing a home. Financial stability and the ability to pay all bills shows the credit worthiness needed to purchase a home which would stimulate the housing economy.

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