VantageScore, Experian's most recently developed credit scoring model, provides lenders with a "more refined segmentation" of the subprime consumer segment than other models, according to the Costa Mesa, Calif.-based provider of information services.Many credit scoring methodologies group subprime consumers into one category, Experian said, but VantageScore allows lenders "to identify pockets of relatively low-risk consumers" within that category. A recent Experian study found that 20% of subprime consumers could be reclassified into lower-risk categories by using VantageScore, the company said. "By providing a more holistic view and a finer definition of the data in the credit profile, VantageScore allows credit grantors to make more precise and predictive lending decisions," said Kerry Williams, group president of credit services and decision analytics at Experian. VantageScore was jointly developed by Experian, Equifax, and TransUnion. Experian can be found online at http://www.experian.com.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
3h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
4h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
4h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
6h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25