has announced that trended credit data is now available from Experian and has been incorporated into Fannie Mae’s Desktop Underwriter (DU) Version 10.0. On Dec. 18, Credit Plus began providing Experian trended credit data to Fannie Mae.
Trended credit data is a two-year historical perspective on a consumer’s utilization of credit accounts, giving lenders the ability 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. 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 (HELOCs), student loans, car loans and mortgages.
“Experian is the last credit bureau to make trended credit data available and we’re happy to be extending it to our customers,” said Greg Holmes, Managing Partner at Credit Plus. “Experian’s trended credit reports will help lenders understand how consumers previously used credit or paid back debt. They’ll be able to extract more meaningful statistics, better analyze borrower behavior, and manage their risk more effectively.”