TransUnion adds alternative credit data to mortgage reports
TransUnion announced an addition to its mortgage credit report, TruVision Alternative Credit Attributes, designed to expand lender visibility beyond traditional credit data at no additional cost.
TransUnion's move to incorporate alternative credit data into its mortgage reports is a significant development for the real estate industry. By providing lenders with a more comprehensive view of a borrower's creditworthiness, this enhancement can help increase access to credit for consumers who may not have a traditional credit history. This is particularly relevant for ASID members, as it can impact the types of clients they work with and the financing options available to them.
The addition of alternative credit data to mortgage reports can also help lenders better assess risk and make more informed lending decisions. This can lead to more efficient and effective mortgage processing, which can ultimately benefit consumers and the broader real estate market. It's worth noting that this enhancement comes at no additional cost to lenders, making it a potentially attractive option for those looking to expand their services without increasing expenses.
As the industry continues to evolve, it's likely that we'll see more emphasis on alternative credit data and other innovative approaches to mortgage lending. ASID members should keep an eye on how this development plays out and how it may impact their clients and business operations. Specifically, it's worth watching to see how lenders choose to utilize this new data and whether it leads to changes in mortgage product offerings or underwriting standards.
Originally reported by inman.com. ASIDNews adds analysis for real estate & property readers.