Equifax Launches New Credit File Option for Mortgage Lenders
Equifax has introduced a new service called Equifax Mortgage Score Select that allows mortgage lenders and brokers to access borrower credit files either without an attached credit score or with the specific score they choose. This development aims to provide greater flexibility in how credit data is used during loan underwriting processes. The feature supports what's known as a dual-score approach, where financial institutions can select which scoring model best suits their risk assessment criteria for each individual application. The move reflects growing industry interest in tailoring credit evaluation methods rather than relying on standardized scores alone. This innovation could influence lending practices by enabling more nuanced decision-making and potentially improving access to mortgage financing for some borrowers.
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Topics: credit scoring Equifax mortgage lending