Credit Plus introduces PRBC reports with FICO Expansion Score MortgagePress.comCredit Plus, FICO, PRBC Reports, FICO Expansion Score, credit scoring
Credit Plus Inc. has announced that starting in mid-April, its
PRBC Reports will include Fair Isaac Corporations FICO®
Expansion® Score which utilizes the traditional FICO score
range of 300-850. The report combines PRBCs verified trade line
information that has been validated to meet or exceed secondary
market requirements with the FICO Expansion Score providing a
comprehensive risk assessment.
"Our customers have been really excited about our PRBC Reports
which have helped them increase their lending base and reduce
losses," said said Allen Johnson, vice president of sales and
marketing for Credit Plus. "Todays mortgage environment is fraught
with fraud and this thorough analysis is one way to mitigate it.
The robust reports combine the verification of trade lines and
research on other data sources with the FICO Expansion Score. The
reports make it easier for lenders to evaluate if a potential
borrower is a viable credit risk."
"By adding our FICO Expansion Score to PRBC Reports, Credit Plus
is making it easier for lenders to responsibly and efficiently
extend loans to an underserved population of potential home
buyers," said Lisa Nelson, vice president of global scoring for
Fair Isaac. "In addition to helping lenders to automate a
labor-intensive, manual underwriting process, PRBC Reports with
FICO Expansion Score also can help them to expand their markets and
reduce losses."
With this integration, the industry is taking a giant step
forward. The number of thin or no-file applicants who will be
accepted for a mortgage will continue to rise as more and more
lenders accept the score with these detailed reports, stated Scott
Hastings, director of marketing and distribution at Citizens Home
Loan. In 29 states, Citizens Home Loan provides PRBC Reports
through Credit Plus at its retail branches and network of more than
300 mortgage brokers.
More than 50 million consumers do not qualify for mortgages
because they do not have traditional lines of credit such as credit
cards, student loans, etc. However, a vast majority of them are
deserving of the loans since they pay their rent, gas, electric and
phone bills on time ... factors which are not included on a credit
report unless they are late. PRBC Reports through Credit Plus with
the FICO Expansion Score include the following:
•Bill paying information that is verified by an
FCRA-certified third party
•Verification procedures that are acceptable to Fannie Mae,
Freddie Mac and other large lenders
•FICO Expansion Score that uses the traditional FICO 300-850
score range
•Detailed trade line data
For more information, visit www.creditplus.com.
