SALISBURY, Md. — Credit Plus Inc., announced that it will include Fair Isaac Corp. FICO expansion score in its PRBC reports beginning in mid-April, offering a sharper evaluation of credit risk, according to the company.
The FICO expansion score utilizes a traditional FICO score range of 300-850. The report combines PRBC's verified trade line information, which has been validated to meet or exceed secondary-market requirements, 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. Today's mortgage environment is fraught with fraud and this thorough analysis is one way to mitigate it," said Allen Johnson, vice president of sales and marketing at Credit Plus.
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The reports combine the verification of trade lines and research on other data sources with the FICO expansion score, making it easier for lenders to evaluate if a potential borrower is a viable credit risk, added Johnson.
Vice President of global scoring for Fair Isaac Lisa Nelson said, "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. 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."
More than 50 million consumers do not qualify for mortgages because they do not have traditional lines of credit such as credit cards or student loans said the company, but a vast majority of them are deserving of the loans since they pay their rent, gas, electric and phone bills on time–factors that are not included on a credit report unless they are late. The expanded PRBC reports include verified bill paying information acceptable to Fannie Mae, Freddie Mac and other large lenders and a detailed trade line data.
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