Contractual agreements between lenders and the loan guarantee organizations is fostering alternative credit scoring models. Gone will be the home town lenders collecting stacks of pay check stubs and tax filing records.
The big Credit Bureaus (Equifax, Trans Union, Experian) have embraced technological software capable of collecting a larger portion of the individual consumer data now available. The Credit Bureaus are implementing new products to maintain their fiscal integrity.
The Credit Bureaus have started to produce alternative data packages from their information collection efforts. These applications can deliver an alternative score for some individuals who do not even have a Fair Isaac Corp Score. This Credit Bureau product expansion can be perceived on two points.
- Creation of New Data Fields
- Enrichment of Values Across Standard Data Fields
Lenders like the idea with the loan buyers acceptance because it expands the number of potential borrowers. This is being marketed as a more comprehensive review of the borrowers ability to handle a loan.
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