SALISBURY, Md. – Credit Plus reported that it is currently testing trended credit data within its platform to meet Fannie Mae requirements.
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, 2016.
“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,” said Greg Holmes, National Director of Sales and Marketing at Credit Plus.
Trended credit data is a two-year historical perspective on a consumer’s utilization of credit accounts, giving lenders a means to better analyze borrower behavior and extract more meaningful statistics.
“With the availability of 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,” said Credit Plus. “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.”
Credit Plus said it is partnering with Equifax and TransUnion to provide comprehensive trended credit data via highly customizable reports. Lenders will be able to choose from almost 100 attributes.