Latest news with #creditaccess
Forbes
09-07-2025
- Business
- Forbes
Homeownership Just Got Easier For Millions With Limited Credit History—Here's Why
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. A new rule could help millions qualify for a mortgage, especially renters, gig workers and those with limited credit history. This marks a significant shift in mortgage lending, as Fannie Mae and Freddie Mac will now permit lenders to use VantageScore 4.0, a credit scoring model that could unlock homeownership opportunities for millions. Here's why: FICO requires at least six months of credit history and recent activity to generate a score. If you don't have both, you're invisible to lenders. VantageScore is more flexible. It can generate a score with as little as one account—whether that's a credit card, a collection or even a bankruptcy—and doesn't require six months of history or recent activity. That makes it a game-changer for first-time buyers, especially younger adults or people who mostly pay in cash. The change is effective immediately, the Federal Housing Finance Agency (FHFA) announced on July 8. Lenders can now choose between VantageScore and traditional FICO scores when approving home loans—no tech overhaul required. FHFA director William J. Pulte made the announcement in a post on X, calling the move a step toward lowering closing costs and expanding access to 'forgotten Americans.' 'We are expanding credit access to millions of forgotten Americans—people who live in rural areas, renters who pay their rent on time every month—and bringing down closing costs,' Pulte wrote. This isn't just a back end switch. It's a big win for renters, young buyers and people with thin or unconventional credit histories. VantageScore 4.0 uses rent, utility payments and other nontraditional data to assess credit. It also ignores medical debt and paid collections. In plain terms? More people may now qualify for a mortgage, especially first-time buyers who've been locked out of the system. The update also keeps the Tri-Merge credit reporting format, so lenders don't have to rebuild their systems. That means less friction, lower costs and faster rollout. VantageScore is the lesser-known cousin to FICO, created by Experian, TransUnion and Equifax in 2006 to add competition to the credit scoring market. The newest version, VantageScore 4.0, launched in 2017. It scores on the same 300 to 850 scale as FICO, but it looks at different factors. Key differences: Scores consumers with just one month of credit history (FICO requires six) Includes rent, utility and cellphone payments when available Excludes medical collections and paid-off debts It's also the score you're most likely to see when checking your credit on apps, banking sites or personal finance platforms. VantageScore uses 'trended credit data,' not just a snapshot. Unlike traditional models, it examines how your credit behavior evolves over time, rather than just a single moment. That means it can reward responsible habits and help consumers avoid the credit-use trap, where using credit to build credit ultimately hurts their score. Pay your bills on time. Payment history makes up 41% of your score, so it's a big deal. Set reminders, use autopay, do whatever it takes to avoid missing a due date. Avoid late payments. Even one payment that's 30 days late can seriously ding your score. Keep your credit card balances low. Try to use less than 30% of your credit limit—less than 10% is even better. If you're nearing your limit, consider paying early or making multiple payments each month. Ask for a credit limit increase. If you have a good payment history, your card issuer might bump up your limit, which can lower your utilization ratio (a good thing for your score). Hold onto older credit cards. Length of credit history matters. Don't close old accounts unless you absolutely have to. Mix it up, credit-wise. If possible, maintain a mix of credit types, such as a credit card and a car loan. Variety can give your score a small lift over time. Go easy on new applications. Applying for too many credit accounts at once can hurt your score. Only apply when it makes sense. Dispute anything that's wrong. If you spot an error, file a dispute with both the credit bureau and the company that reported it. Fixing mistakes can give your score a quick boost. Know that VantageScore 4.0 works differently. It's more responsive to your recent behavior and uses trended data—meaning it looks at your credit habits over time, not just a single moment. So if you're building better habits now, your score may reflect it sooner than you think. You can check your VantageScore through your bank or credit card issuer . Compare lenders and rates with Mortgage Research Center
Reuters
08-07-2025
- Business
- Reuters
US consumers happier about finances, expect stable inflation, New York Fed says
NEW YORK, July 8 (Reuters) - Americans' outlook on inflation was little changed last month as households upgraded their views on the state of their finances and ability to get credit, according to a report released on Tuesday by the New York Federal Reserve. As of June, inflation one year from now was expected to be 3%, down from the expected 3.2% in May, while the outlooks at the three- and five-year-ahead horizons were unchanged at 3% and 2.6%, respectively, according to the latest New York Fed Survey of Consumer Expectations. Amid the calm outlook for future price increases, the survey found that respondents had "markedly" upgraded their assessment of their personal financial situation relative to last year, while noting credit had grown easier to access. Respondents also upgraded their expectations about the state of their financial situations a year from now. The survey found mixed expectations for future earnings and income in June, while the outlook for employment improved. Although the New York Fed found in its poll that the public's outlook for inflation was little changed last month, households projected in June an acceleration in year-ahead gains in the cost of gasoline, medical care, college and rent, while the expected rise in food costs held steady relative to May. Near-term inflation expectations recorded by the New York Fed have been volatile this year as President Donald Trump launched an aggressive trade war against many U.S. trading partners. The president's trade agenda, which features the imposition of high tariffs on imported goods, is widely expected to push up inflation and depress growth and hiring. Those import levies helped drive up near-term expected inflation, and as the president appears to have capitulated so far on the most draconian of his levies, worries about higher inflation have eased. Other surveys like the University of Michigan report on consumer sentiment have also shown reduced worries about future inflation. Meanwhile, long-term inflation expectations have remained mostly stable, which is good news for Fed officials, who believe that development suggests confidence that over the long run inflation will not be a major concern. Fed officials, however, are expecting higher inflation this year due to the tariffs, which they expect to wane starting next year. Fed officials penciled in two rate cuts for this year at their policy meeting last month but offered little guidance as to when that might happen. Some Fed officials were eyeing the July 29-30 policy meeting as a good time for a rate cut, but solid job market data for June appears to have taken that idea off the board. In comments after the June 17-18 meeting, Fed Chair Jerome Powell said "our obligation is to keep longer-term inflation expectations well-anchored and to prevent a one-time increase in the price level from becoming an ongoing inflation problem."
Yahoo
02-07-2025
- Business
- Yahoo
IFC Commits $50 Million to Victory Park Capital to Expand SME Financing in Emerging Markets
WASHINGTON & CHICAGO, July 02, 2025--(BUSINESS WIRE)--The International Finance Corporation (IFC), a member of the World Bank Group, has announced a $50 million follow-on investment in Victory Park Capital Investor Fund W, LP (the "Fund"), reinforcing its commitment to financial inclusion and economic resilience in Emerging Markets. With this latest investment and additional support from IDB Invest, which upsized its commitment by $50 million in January 2025, the Fund now exceeds $200 million in total commitments. IFC's new commitment extends the Fund's investment period to 2030 and builds on its longstanding partnership with Victory Park Capital ("VPC"), a global alternative investment firm focused on private credit and asset-backed lending in emerging markets. The investment enables VPC to provide debt financing to new fintech lenders and aims to expand access to credit for underserved individuals and micro, small, and medium enterprises ("MSMEs"). "We're proud to continue our partnership with IFC, whose ongoing support is a strong endorsement of our strategy to expand access to responsible credit for underserved small businesses across Emerging Markets, particularly Mexico and Colombia," said Gordon Watson, Partner at VPC. "Together, we're helping fuel the growth of next-generation financial platforms that deliver critical capital to the market segments driving local economies forward." "MSMEs are the backbone of economic growth and employment in the region, yet they continue to face significant barriers to accessing finance," said Elizabeth Martínez de Marcano, IFC's Regional Director for Latin America and the Caribbean. "This investment will help bridge that gap by supporting innovative fintech solutions that bring affordable credit where it's needed most." Beyond capital, IFC will provide technical guidance to further strengthen VPC's environmental, social, and governance (ESG) practices, including the implementation of an E&S action plan, enhanced anti-money laundering protocols, and the collection of gender-disaggregated data to promote more inclusive financial practices. This initiative aligns with IFC's broader strategy to deepen venture debt markets in emerging economies and demonstrates the commercial viability of fintech lending models that prioritize inclusion, transparency, and sustainability. About IFC IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit About Victory Park Capital Victory Park Capital Advisors, LLC ("VPC" or the "Firm") is a global alternative asset manager that specializes in private asset-backed credit. In addition, the Firm offers comprehensive structured financing and capital markets solutions through its affiliate platform, Triumph Capital Markets. The Firm was founded in 2007 and is headquartered in Chicago. In 2024, VPC became a majority-owned affiliate of Janus Henderson Group. The Firm leverages the broader resources of Janus Henderson's 2,000+ employees across offices in 25 cities worldwide. VPC is a Registered Investment Advisor with the SEC. For more information, please visit View source version on Contacts Media Contacts IFC Mauricio González Laramgonzalezlara@ Victory Park Capital Jordan Niezelski, Edelman Sign in to access your portfolio
Malay Mail
17-06-2025
- Business
- Malay Mail
Salmon Raises $88 Million To Grow Its Business In The Philippines, Sets Up A $150 Million Nordic Bond Framework Agreement For Scaling Up
MANILA, PHILIPPINES - Media OutReach Newswire - 17 June 2025 - Salmon Group Ltd ("Salmon"), a leading emerging markets financial services firm, operating a financing company and BSP-regulated bank in the Philippines, announces the completion of a $88MM fundraise to double down on its commitment to bring cutting-edge financial services and simplify access to credit across Southeast funding transaction consists of the $60MM drawdown under a 3-year $150MM Nordic bond framework agreement and $28MM of new equity raised from blue-chip US institutional investors, Antler Elevate as well as existing shareholders of Salmon. The list of existing investors of Salmon includes International Finance Corporation, the sovereign wealth fund of Abu Dhabi ADQ/Lunate, Northstar, Back in Black Capital and prominent Filipino equity round was led by Spice Expeditions, LP ("Spice"), a venture capital firm focused on global financial services. Spice was founded by Nick Huber, who was a partner at Ribbit Capital prior to launching the firm in 2024. The bond transaction marks the first-ever Nordic bond issuance by a technology firm out of Southeast Asia. At $88MM of combined funding the transaction is one of the largest recent investments in the Philippines financial technology industry, propelling Salmon to the top ranks of challenger banks in the on the transaction, Pavel Fedorov, Co-founder of Salmon, noted that "Salmon is on a mission to revolutionise banking in Southeast Asia. For too long the legacy banks in the region provided sub-standard product, service and customer experience, and the Philippines is the case in point of this. At Salmon, we believe in the quality of our technology and proprietary AI solutions to bring customers better products, of which the most empowering is access to credit. Even though Salmon is only two and a half years old, today we have one of the highest-rated financial service applications in the Philippines (rated 4.8/4.7 in App Store/Google Play), are present both online and at 3,000+ locations across the country and offer four consumer credit products that unlock access to better lives for millions. The 8.88% deposit rate offered by our BSP-regulated bank is the highest in the Philippines as we pass cost efficiencies of our tech-centric model and limited branch infrastructure directly to bank depositors. With successful closing of this transaction and with the strength of Salmon's one-of-a-kind team, we will be taking Salmon to leadership positions in the financial services industry across Southeast Asia. We are grateful to new and existing investors for their trust and support of our vision."Hashtag: #Salmon The issuer is solely responsible for the content of this announcement. About Salmon Salmon Group Ltd. operates a BSP-regulated bank (the Rural Bank of Sta. Rosa Laguna), and SEC-licensed lending companies in the Philippines. The company is on a mission to build the best credit-led technology-centric bank in Southeast Asia with the Philippines representing its first market of operation. Founded in July 2022 by banking and technology veterans Pavel Fedorov, George Chesakov and Raffy Montemayor, Salmon uses AI-enabled technology and a proprietary credit engine to offer consumer credit (Salmon Credit, Salmon Installment, and Salmon Cash Loans), providing differentiated simplicity, quality of service and convenience to its customers. Salmon's mobile application is rated 4.8/4.7 in App Store/Google Play – one of the highest ratings for a financial services app in the Philippines; 92% of Salmon customers recommend its services to their friends and family. In 2024, Salmon's BSP-regulated bank on the back of the strength of its consumer loan portfolio launched a Salmon time savings deposit, which at 8.88% offers one of the most appealing deposit rates across the more information visit:
Zawya
17-06-2025
- Business
- Zawya
Salmon Raises $88 Million To Grow Its Business In The Philippines, Sets Up A $150 Million Nordic Bond Framework Agreement For Scaling Up
MANILA, PHILIPPINES - Media OutReach Newswire - 17 June 2025 - Salmon Group Ltd ("Salmon"), a leading emerging markets financial services firm, operating a financing company and BSP-regulated bank in the Philippines, announces the completion of a $88MM fundraise to double down on its commitment to bring cutting-edge financial services and simplify access to credit across Southeast Asia. The funding transaction consists of the $60MM drawdown under a 3-year $150MM Nordic bond framework agreement and $28MM of new equity raised from blue-chip US institutional investors, Antler Elevate as well as existing shareholders of Salmon. The list of existing investors of Salmon includes International Finance Corporation, the sovereign wealth fund of Abu Dhabi ADQ/Lunate, Northstar, Back in Black Capital and prominent Filipino investors. The equity round was led by Spice Expeditions, LP ("Spice"), a venture capital firm focused on global financial services. Spice was founded by Nick Huber, who was a partner at Ribbit Capital prior to launching the firm in 2024. The bond transaction marks the first-ever Nordic bond issuance by a technology firm out of Southeast Asia. At $88MM of combined funding the transaction is one of the largest recent investments in the Philippines financial technology industry, propelling Salmon to the top ranks of challenger banks in the Philippines. Commenting on the transaction, Pavel Fedorov, Co-founder of Salmon, noted that "Salmon is on a mission to revolutionise banking in Southeast Asia. For too long the legacy banks in the region provided sub-standard product, service and customer experience, and the Philippines is the case in point of this. At Salmon, we believe in the quality of our technology and proprietary AI solutions to bring customers better products, of which the most empowering is access to credit. Even though Salmon is only two and a half years old, today we have one of the highest-rated financial service applications in the Philippines (rated 4.8/4.7 in App Store/Google Play), are present both online and at 3,000+ locations across the country and offer four consumer credit products that unlock access to better lives for millions. The 8.88% deposit rate offered by our BSP-regulated bank is the highest in the Philippines as we pass cost efficiencies of our tech-centric model and limited branch infrastructure directly to bank depositors. With successful closing of this transaction and with the strength of Salmon's one-of-a-kind team, we will be taking Salmon to leadership positions in the financial services industry across Southeast Asia. We are grateful to new and existing investors for their trust and support of our vision." Hashtag: #Salmon The issuer is solely responsible for the content of this announcement. About Salmon Salmon Group Ltd. operates a BSP-regulated bank (the Rural Bank of Sta. Rosa Laguna), and SEC-licensed lending companies in the Philippines. The company is on a mission to build the best credit-led technology-centric bank in Southeast Asia with the Philippines representing its first market of operation. Founded in July 2022 by banking and technology veterans Pavel Fedorov, George Chesakov and Raffy Montemayor, Salmon uses AI-enabled technology and a proprietary credit engine to offer consumer credit (Salmon Credit, Salmon Installment, and Salmon Cash Loans), providing differentiated simplicity, quality of service and convenience to its customers. Salmon's mobile application is rated 4.8/4.7 in App Store/Google Play – one of the highest ratings for a financial services app in the Philippines; 92% of Salmon customers recommend its services to their friends and family. In 2024, Salmon's BSP-regulated bank on the back of the strength of its consumer loan portfolio launched a Salmon time savings deposit, which at 8.88% offers one of the most appealing deposit rates across the Philippines. For more information visit: Salmon
