CreditIQ

Expanded Credit Report + Scoring Solution

Available exclusively from CoreLogic Credco®, CreditIQ is an expanded credit report combined with the industry’s first composite mortgage credit score. The result is a comprehensive, fully decisionable and FCRA-compliant credit report and mortgage credit score that helps lenders mitigate risk by uncovering additional debt obligations, and increases new lending opportunities by identifying previously hidden credit behavior that could improve a consumer’s credit profile.

Exclusive data intelligence

The supplemental data featured in CreditIQ is sourced exclusively from the CoreLogic proprietary information databases, the largest and most comprehensive collection of real estate, rental information and public records in the nation. Our databases contain over 700 million consumer transaction records covering 99.9 percent of U.S. property owners, county, municipal and special tax jurisdictions, landlord/tenant data, residential properties and liens and consumer-specific bankruptcies, liens and judgments.

The CoreLogic aggregated consumer data includes:

  • Property ownership and mortgage obligation records
  • Property legal filings and tax payment status
  • Rental applications and collection accounts
  • Consumer bankruptcies, liens, judgments and child support obligations

CreditIQ shortens reporting times for new mortgage liens from an average 60 to 90 days to an average of 23 days – which can be up to two months sooner than traditional credit report updates – allowing lenders to obtain critical borrower data faster than ever before. Plus, the property information is associated to the related mortgage tradelines, saving your underwriters time normally spent manually associating this information.

Kick Start Your Home Equity Lending Program

CreditIQ is an ideal pre-qualification tool for your home equity lending program. The added property information gives you critical insight into the borrower's overall standing, including the number of open liens, any public records and an estimated home value. Having this information at pre-qualification help you catch potential problem applications before you spend hundreds of dollars on property and title searches, allowing you to focus only on the loans with the best chance of success.

Developed in partnership with FICO, the leading provider of analytics and decision management technology, the FICO Mortgage Score Powered by CoreLogic takes all of the data available in the merged CreditIQ report - the traditional data from the national repositories and the unique supplemental consumer credit data from CoreLogic – and generates the industry's first "composite” credit score for mortgage origination risk. This scoring model is designed to help determine whether or not a loan will go 90+ days past due within 24 months of scoring.

Analysis of the score shows that it is 7.5% more predictive than other generally available risk scores commonly used by lenders today. This lift can potentially translate into millions of dollars in additional revenue by helping lenders reduce the number of bad loan applications they accept, and increasing the number of good loans approved. The score has been developed using FICO's traditional score range ( 300-850®), calibration and reason codes, making it easy to integrate into your existing processes.

Discover New Lending Opportunities

Analysis conducted using a representative sample of loan applications demonstrates that the use of CreditIQ can increase the number of loans accepted and new revenue generated. For example, a lender specializing in conforming loans ($417K or less) and using a cutoff score of 700 on an industry-standard FICO risk score could incorporate the score into their existing underwriting strategy and increase its acceptance rate by over 1% with a slight reduction in the overall bad rate.

Assuming the revenue from a good loan equals $2,000 and the loss from a bad loan is $50,000*, the new score would generate a net financial benefit of $38.59 per application. On a pool of 300,000 applications, this equates to an incremental impact of approximately $11.6 million, attributed to safely approving more than 3,100 new applications and mitigating potential credit losses of $5.5 million.

 

*Loss metric is from the Mortgage Bankers Association Lender’s Cost of Foreclosure Policy Paper and represents the cost of taking a property to foreclosure excluding the gain/loss on disposition. Loan profit figures are an assumption based on average figures provided by multiple lenders and additional sources. Results may vary based on location, population, loan pool and other external factors.

CreditIQ:

  • Uncovers unique mortgage data for 1 in 13 mortgage applicants
  • Highly predictive credit score developed by FICO delivers a 7.5% predictive lift over other generally used risk scores
  • Helps lenders mitigate risk and identify new lending opportunities
  • Helps lenders make better informed lending decisions, improving loan portfolio value and performance
  • Associates property information with related mortgage tradelines
  • Delivers new mortgage liens up to two months faster than traditional credit reports
  • CoreLogic supplemental credit data is easy to identify and interpret in the CreditIQ
  • Currently available on major LOS platforms via MISMO/XML format
  • One-Call Consumer Assistance and Disputes Resolution
  • FCRA-compliant and 100% actionable

 

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