TransUnion announced TruVision Alternative Credit Attributes added to mortgage credit reports with the goal of extending lender visibility beyond traditional credit data at no additional cost.
Lenders evaluating mortgage applications may soon spend less time chasing down stalled prospects. TransUnion says that’s the goal behind its latest credit data release.
TransUnion (NYSE:TRU) will add alternative credit attributes to mortgage credit reports, expanding lender visibility beyond traditional credit data, the company said in a statement.
The new TruVision Alternative Credit Attributes (ACA 2.0), sourced from TransUnion’s FactorTrust Alternative Lending Database, is designed to provide lenders with insight into a borrower’s stability early in the lending process, according to the company. TransUnion said the data can be applied as early as the prequalification stage and is intended to help lenders prioritize applicants, streamline workflows and support underwriting decisions, but the company did not release independent data validating these results.
TransUnion says this attribute overlays alternative financial signals alongside traditional credit data to expand lenders’ views of a consumer’s complete financial picture. The company said this enhancement will come at no additional cost to lenders.
“This enhancement reflects our continued focus on providing mortgage lenders with a more complete and actionable view of borrower behavior,” Sathyan Merchant, TransUnion’s senior vice president and mortgage and automotive business leader, said in a statement. “By introducing richer credit insights earlier in the process, lenders can make decisions with more confidence, reduce unnecessary risk, and focus on applicants most likely to convert.”
This rollout builds on other TransUnion mortgage products, including Trend Credit Data introduced in 2013 and TruVision Early Access Soft Check, a pre-qualification tool that does not require a hard credit check.
“TransUnion continues to expand credit insights through our risk solutions,” TransUnion Chief Global Solutions Officer Mohamed Abdelsadegh said in a statement. “Combined with TruVision Alternative Credit Attributes, these innovations give lenders greater confidence and provide a more complete and dynamic view of consumers’ financial behavior.”
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