Advantage Credit strengthened its lending process by announcing its latest Undisclosed Debt Notification service, now utilizes data from all three credit bureaus.
Previously, the lender only used TransUnion, but as soon as it could get on three, it did, expalined Rachel Dell, marketing manager for Advantage Credit.
Lenders are required to make sure that all debts of the borrower incurred or closed up to and concurrent with the closing of the subject mortgage are disclosed on the final loan application and included in the qualification for the subject mortgage loan.
This became an issue when borrowers, who finally discovered their credit score, chose to then go out and take out other loans, like a new car loan, since they had a decent FICO.
With the new technology, Advantage Credit can prevent last minute surprises on a borrowers credit profile before closing a loan.
“Improving closing ratios is something we pride ourselves on, so enabling our customers to monitor credit during the loan process will allow them to deal with any credit issues a lot earlier, which will help keep them on track to close the loan in a timely manner,” “Jim Kaiser, vice president of sales for Advantage Credit, said.