It tells lenders if their borrowers are good candidates for the loan program and if given to Realtors at offer presentation, we feel much more confident that a buyer can truly close on a loan to buy our Sellers home.
Nice news is that the latest DU release is allowing the use of Trended Credit Data now.
This is the mini-skinny on it:
Use of trended credit data in credit risk assessment
- Considers the monthly payment amounts that a consumer has made on revolving accounts, such as credit cards, over the past two years
- Offers lenders more insight into how a borrower tends to pay off their revolving credit lines each month, providing a more comprehensive risk assessment
- Gives borrowers greater ability to control their credit evaluation, and benefits borrowers who regularly pay off, or pay more than the minimum required amount, of their revolving debt, increasing the likelihood that they will receive an “Approve” recommendation from DU
So, sounds like it's a good idea to make larger than just the minimum payments on your Credit Cards people! Happy to report that the DU is creating a more human-like experience.
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