Lenders sifting through mortgage applications may soon spend less time chasing dead-end leads. TransUnion says that’s the goal behind its newest credit data release.
TransUnion (NYSE: TRU) added alternative credit attributes to its mortgage credit report, the company said in a statement, expanding lender visibility beyond traditional credit data.
The new TruVision Alternative Credit Attributes (ACA 2.0), sourced from TransUnion’s FactorTrust Alternative Lending Database, are designed to give lenders insight into borrower stability earlier in the loan 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, though the company did not release independent data verifying these outcomes.
The attributes layer alternative financial signals alongside traditional credit data to expand lenders’ view of a consumer’s full financial picture, TransUnion said. The company said the enhancement comes at no additional cost to lenders.
“This enhancement reflects our continued focus on giving mortgage lenders a more complete and actionable view of borrower behavior,” said Satyan Merchant, senior vice president and mortgage and automotive business leader at TransUnion, in a statement. “By bringing richer credit insight earlier into the process, lenders can make more confident decisions, reduce unnecessary risk and concentrate their efforts on applicants most likely to convert.”
The rollout builds on other TransUnion mortgage products, including trended credit data introduced in 2013 and TruVision Early Access Soft Check, a prequalification tool that does not require a hard credit inquiry.
“TransUnion continues to expand credit insight through our risk solutions,” said Mohamed Abdelsadek, chief global solutions officer at TransUnion, in a statement. “Combined with TruVision Alternative Credit Attributes, these innovations give lenders greater confidence and a more complete, dynamic view of consumer financial behavior.”
