A credit reporting agency has linked its offering with the Federal Housing Administration’s credit risk evaluation system. Another offering enables originators to stay on top of prospective borrowers as they take steps to improve their scores. Two other firms are going directly to consumers with credit-building services.
Credit Plus Inc. said in a March 31 news release that it is one of the first credit reporting agencies to provide access to FHA’s TOTAL Scorecard. Mortgage professionals upload 1003 loan application data into the FHA TOTAL Scorecard, and the application is approved or denied in real-time.
Lending Hand was launched by Salisbury, Md.-based Credit Plus to help loan originators guide prospective borrowers and monitor their credit scores, according to an announcement earlier last month. A “seasoned staff” evaluates each file and provides in-depth analysis recommendation with several personalized action plans for the lender and prospect to review.
Syphr LLC recently claimed that its offering helps prospective borrowers save money each month on their mortgage loans with a local, community-based bank or credit union. The Ferndale, N.Y.-based firm said it provides credit reports, credit scores and credit monitoring.
NationalCreditReport.com recently said that customers can purchase their credit reports and scores without being automatically enrolled in any monthly credit monitoring trial or other type of recurring subscription program. The service, which can be used at any time, supplements the annual free credit report available by law, according to the Delray Beach, Fla.-based firm.
