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Business
Many working people in the U.S. have no established credit, but want to own their own home. They never held a credit card or bought a car with installment payments. There is no credit score with any bureau. It's almost like they are leaving ZERO financial footprints as they traverse through life. Almost certainly, large deposits need to be paid to secure basic services such as water, electric, phone, etc. This particular segment of the home buying public is a throw back to the way business was conducted a 100+ years ago. Other than Sears and Roebuck and small home savings banks a credit report with scores didn't exist. The credit grantor would size you up see if you were a good bet. You needed a job and would need to demonstrate some community stability coupled with a good down payment then an arrangement could be made for you to buy. The small savings and loan companies granted mortgages based on savings deposits of your community of neighbors. There wasn't any secondary market to sell the newly originated loan.
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As mortgage financial markets have evolved they primarily were geared to a cookie cutter segment of the market that had established credit. Politically, banks and lenders were buttoned holed and urged to work toward establishing mortgage programs for people who had no established credit, but had a job and some how met their financial obligations every month. Their rent, insurance, groceries, phone, water, sewer, car repairs, gasoline, doctor and dentist bills were paid every month. As an added incentive community investment credits were offered which would be beneficial in the eyes of bank and lending regulators as lenders pointing to those institutions who were helping this community home buying segment and could then make a case for their Federal and/or State charter renewals. It turns out to be a strong incentive to offer community based lending to working people who want to buy a home and have no recorded credit.
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