Trended Credit Data: The Next Generation

Per the National Credit reporting Association (NCRA), trended data is a new credit report with an expanded, granular view of the consumer’s monthly spending and payment history thus helping the lender to make better informed decisions. It shows up to a 30 month review where 24 months are being reviewed during the loan process with 9 new data field on each account. These data fields include elements such as:

  • Scheduled payment
  • Actual payment
  • Balance
  • Credit Limit

This will show how the consumer’s vital Credit Utilizations Rate (CUR) is trending and makes up about 1/3 of the credit score calculation. The new trended credit will allow a consumer’s credit behavior and patterns to improve risk evaluation and reward responsible credit use. All 3 credit bureaus (Equifax, TransUnion and Experian) have a form of trended data , however, Experian will not be available sometime in the future.

*Courtesy of MGIC

 


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.