Trended Credit Data
March 30th, 2016
The New Standard in Mortgage Credit Reports
CISCO Credit is currently testing trended credit data within its platform to meet Fannie Mae requirements and expects the availability of trended credit data reports beginning April 1st 2016. Fannie Mae is currently incorporating trended credit data into its DU Version 10.0 and will be implementing it during the weekend of June 25, 2016.
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. 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. In addition, seasonal and sudden changes in revolving credit behavior will be revealed. Trended credit data has no effect on FICO scoring. The trended data will be included on virtually all active trade-lines, not just revolving accounts, and will include credit cards, Home Equity Lines of Credit, student loans, car loans and mortgages.
CISCO Credit is partnering with Equifax and TransUnion to provide comprehensive trended credit data via highly customizable reports. Our clients will be able to choose from almost 100 attributes. While each of the three national credit bureaus currently offer trended credit data in some format, only TransUnion’s CreditVision and Equifax’s Dimensions trended credit data sets will be required by Fannie Mae in June.
On June 15th CISCO Credit will be releasing to all clients: The Creditxpert TrendScape Report. Designed for trended data, an easy to read tool to get the most out of each credit report in a glance.