New Credit Scoring Could Boost Housing

The National Association of Hispanic Real Estate Professionals maintains that California, Texas and other states with large numbers of immigrants could see a dramatic jump in homeownership rates if large lenders embrace alternative credit-scoring systems. Traditional credit scoring makes it difficult for buyers without Social Security numbers to achieve homeownership; but new credit-scoring systems look at utility, rent and other such payments to gauge risk. Hispanics will make up close to 33 percent of home buyers by the end of the decade, according to Harvard University's Joint Center for Housing Studies. Also by 2010, the University of Georgia's Selig Center for Economic Growth expects the disposable income of the Hispanic population to top $1.08 trillion.

Are current rating companies undervaluing the credit of non-citizens? It doesn't make much sense, as I would think credit scoring is built with regressions and semi-complex instruments that could not overlook something so simple...right?

It definitely doesn't seem like good practice to trash the current credit system because a group of Realtors don't think it is accurate. Does anyone know what company does these alternative credit-scoring systems?