Credit Plus reports that it is partnering with Equifax and TransUnion to provide comprehensive trended credit data within its platform to meet Fannie Mae requirements.
These highly customizable trended credit data reports – which are currently in beta and will be available beginning April 1 – will provide lenders with a two-year historical perspective on a consumer’s utilization of credit accounts. Thus, these reports give lenders a means to better analyze borrower behavior and extract more meaningful statistics.
Fannie Mae is currently incorporating trended credit data into its Desktop Underwriter (DU) Version 10.0 and will be implementing it during the weekend of June 25.
“With a more comprehensive depiction of a borrower’s approach to credit management, lenders will be better equipped to make a more accurate assessment of the applicant’s creditworthiness, thereby minimizing their risk,” says Greg Holmes, national director of sales and marketing at Credit Plus, in a release.
With this new data, lenders will be able to determine if a borrower tends to pay off revolving credit lines each month or if they tend to carry a balance month-to-month while making minimum or other payments. In addition, seasonal and sudden changes in revolving credit behavior will be revealed.
The trended data will be included on virtually all active tradelines, not just revolving accounts, and will include credit cards, Home Equity Lines of Credit, student loans, car loans and mortgages, the company says.