TransUnion Adds Alternative Credit Data To Mortgage Reports
By CU Today Staff —
CHICAGO—TransUnion said it has enhanced its mortgage credit reports by adding TruVision Alternative Credit Attributes (ACA 2.0) from its FactorTrust Alternative Lending Database, giving lenders access to alternative credit data designed to supplement traditional credit information and improve underwriting decisions.
The company said the new attributes provide earlier insight into borrower stability and intent, allowing lenders to identify stronger applicants earlier in the mortgage process, streamline workflows and focus resources on loans more likely to close. TransUnion said the data can be used as early as the prequalification stage to help reduce risk, support more consistent underwriting and enable competitive pricing for qualified borrowers, all at no additional cost.
“This enhancement reflects our continued focus on giving mortgage lenders a more complete and actionable view of borrower behavior,” said Satyan Merchant, senior vice president and mortgage and automotive business leader at TransUnion. “By bringing richer credit insight earlier into the process, lenders can make more confident decisions, reduce unnecessary risk and concentrate their efforts on applicants most likely to convert—ultimately enabling more efficient access to credit for qualified consumers.”
TransUnion said the enhancement builds on earlier mortgage lending innovations, including its Trended Credit Data introduced in 2013 and its TruVision Early Access Soft Check solution, both aimed at providing lenders with a broader view of consumer credit behavior before a formal loan application.
“TransUnion continues to expand credit insight through our risk solutions,” said Mohamed Abdelsadek, chief global solutions officer at TransUnion. “Combined with TruVision™ Alternative Credit Attributes, these innovations give lenders greater confidence and a more complete, dynamic view of consumer financial behavior.”
For more information, visit: https://www.transunion.com/industry/mortgage
Originally reported by CU Today.