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Credit Plus introduces PRBC reports with FICO Expansion Score

National Mortgage Professional
Mar 24, 2014

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

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Mar 24, 2014