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March 30, 2009
Credit bureaus are seeking to revamp their systems and help prevent mortgage fraud all the while wooing mortgage lenders with their new models.
Advantage Credit International is promoting its new ScoreChoice program which allows originators to order six bureau scores instead of three. In comparison to other credit score models, Advantage said it turns out a higher score than traditional models 72 percent of the time.
FICO launched FICO Score Trends, a new subscription service that allows all lenders to analyze their portfolios and customize data including industry, geography and time period -- a service that was previously available only under a custom arrangement.
And VantageScore Solutions, LLC, is boasting about its review of performance on a random selection of 600,000 originations, stating that three-quarters of the loans ranked by VantageScore performed better than the top 75 percent ranked by the benchmark score.
Read more about the credit bureaus' progress at
MortgageDaily.com
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