CoreLogic Announces Best-in-Class Data Enhancements to ENCORE Report
Email Dan Smith
March 28, 2011, Santa Ana, Calif. –
—Increased Alerts and Optimized Predictive Scoring Delivers More Accurate Lending Risk Assessment—
CoreLogic® (NYSE: CLGX), a leading provider of information, analytics and business services, today announced that CoreLogic Credco, the nation’s number one provider of merged credit reports, launched an all-new data-enhanced version of ENCORE. The ENCORE report is the industry’s only FCRA-compliant, 100 percent decisionable solution that delivers a 360-degree comprehensive mortgage lending and servicing risk analysis. Now, with more fraud-specific alerts, optimized predictive fraud scoring models, and more robust proprietary data than ever, the latest version of ENCORE is designed to significantly improve the accuracy of loan risk detection and assessment—all at no additional cost to lenders.
The ENCORE report – which features applicant credit risk, identity verification, income and employment verification, and subject property and market data – now features a broader range of specialized fraud alerts for detecting hidden risk, such as inconsistent borrower income with area property values, potential risk of non-owner occupancy, and more. New features also include improved, simple-to-understand predictive scores for collateral risk and fraud scoring, plus new warnings, such as an indicator if the borrower currently has additional loan applications on multiple properties with other lenders.
“Our latest version of ENCORE features more robust, best-in-class fraud and property data that demonstrates a proven lift in fraud detection,” said John Bauer, senior vice president of Credit and Transportation Services for CoreLogic Credco. “In a recent test of more than one million loans, it identified 70 percent of the lender-identified fraud and more than 50 percent of the total foreclosure and charge-off losses within the top 10 percent of scores—and produced significantly fewer false positives. ENCORE provides a distinct advantage for mortgage professionals by markedly improving their ability to detect fraud.”
In addition to drawing on the most comprehensive property databases in the industry, ENCORE leverages the CoreLogic Fraud Consortium Database—a proprietary database of over 90 Million loans—to power its fraud prevention tools and alerts. The result is a robust, data-rich reporting solution for reliable loan risk assessment—delivered in seconds.
“CoreLogic is continuously exploring new and innovative ways to help our customers improve their origination and servicing workflows while minimizing their risk exposure,” continued Bauer. “ENCORE does just that, delivering a broad range of risk-mitigation tools for fast, accurate loan decisioning.”
ENCORE is one of a series of customizable risk analysis solutions powered by the company’s proprietary nd Merge Technology platform. Positioned as the mortgage industry’s premier FCRA-compliant technology platform, nd Merge allows CoreLogic Credco to instantly access and combine thousands of data elements into a single report. The result is a multi-dimensional full-risk view of the consumer that goes far beyond traditional applicant risk analysis.
For more information about ENCORE, visit www.encore.credco.comor call (866) 481-2755.
About CoreLogic Credco
Tracing its history over 50 years, CoreLogic Credco is the nation’s number one provider of merged and specialized credit reports, processing over 90 million credit and related transactions annually. With access to one of the nation’s largest consumer and business databases, CoreLogic Credco leads the mortgage; automotive; bankruptcy; motor vehicle records; recreational vehicle; marine and other specialty credit and retail markets with a broad range of advanced business information solutions designed to reduce risk and improve business performance. CoreLogic Credco provides one out of every two credit reports to the mortgage industry. For more information visit www.credco.com.
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations.
Formerly the information solutions group of The First American Corporation, CoreLogic began trading under the ticker CLGX on the NYSE on June 2, 2010. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
CoreLogic and Credco are registered trademarks of CoreLogic. ENCORE and nd Merge are trademarks of CoreLogic.