This subject contains informative data on nontraditional credit eligibility needs, including

This subject contains informative data on nontraditional credit eligibility needs, including

Overview

If one or higher borrowers would not have a credit score as a result of inadequate credit, the financial institution must establish a satisfactory nontraditional credit profile. The financial institution must first always check all three major credit repositories to validate the borrower’s credit history and concur that the debtor doesn’t have a credit rating.

The lender may underwrite the borrower following the requirements for nontraditional credit if the borrower’s credit information is frozen at one of the credit repositories, and no credit score is available from any other repository. (mehr …)