Credit expert warns borrowers about the 'American drain' as new mortgage scoring models take effect

For millions of "invisible" Americans who have paid rent on time for years but lacked a traditional credit score, the door to the American Dream just swung wide open — but one expert warns not to trip on the threshold.Following a landmark announcement from HUD and the FHFA to accept VantageScore 4.0 and FICO Score 10T, the mortgage industry is bracing for a surge of new applicants. Micah Smith, a leading credit repair influencer, says that while the inclusion of rent and utilities is a landmark shift, borrowers must be wary of the "American drain.""People who were invisible in the system — no...

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