Credit probes go beyond scores

[mfcorey1]

More lenders are now probing consumers’ personal financial data in ways they didn’t in the run-up to the Great Recession, industry experts and consumer groups say. And they’ll likely rely on a lot more information than a traditional credit score.

The moves, driven largely by regulatory changes, could open up credit opportunities for some borrowers. Consumer groups, though happy about lending reforms, are wary about the way data might be handled.

Data companies beyond the Big Three credit bureaus (Equifax, Trans Union and Experian) are compiling information about consumers’ job history, income and net worth that lenders can use to verify whether borrowers are as safe or as risky as their scores suggest.

http://www.ajc.com/business/credit-probes-go-beyond-1167305.html

[InkAddict]

1. Question on loan application: Do you still hate your mother? n/t