TransUnion adds alternative credit data to mortgage reports
TransUnion announced an addition to its mortgage credit report, TruVision Alternative Credit Attributes, designed to expand lender visibility beyond traditional credit data at no additional cost.
TransUnion's move to incorporate alternative credit data into its mortgage reports is a significant development for the construction industry, particularly for homebuilders and mortgage lenders. By providing lenders with a more comprehensive view of a borrower's creditworthiness, this update could lead to more approvals for mortgage applications, especially for those with thin or non-traditional credit files.
The addition of alternative credit data, available at no extra cost, is likely to benefit lenders who have been hesitant to approve mortgages for borrowers with limited credit history. This expanded visibility could result in increased lending activity, which in turn could boost demand for new homes and construction projects. As the housing market continues to recover, access to credit remains a crucial factor in driving growth.
As the industry adjusts to this new development, it's essential to watch how lenders respond to the expanded credit data and whether it leads to increased mortgage approvals. Additionally, construction companies and homebuilders should monitor changes in demand for new homes and adjust their production and marketing strategies accordingly. It will also be interesting to see if other credit reporting agencies follow TransUnion's lead in incorporating alternative credit data into their mortgage reports.
Originally reported by inman.com. ConstructionNews adds analysis for real estate & property readers.