For more information, please contact me at (512) 261-1542 or steve@LoneStarLending.com.
By G. Steven Bray
You may have heard that lenders are going to start using credit reports with “trended data.” Credit bureaus claim it will increase the number of borrowers with excellent credit.
Currently, your credit report is a snapshot in time of your credit usage. The report shows your current account balances, limits, and minimum payments. A trended credit report shows how those amounts have varied over the last two years. Thus, it augments usage with insights into your credit habits. Do you pay off your credit cards each month? Do you pay more than the minimum balance? A trended report will reveal these habits.
What you may not have heard is how trended data reports will effect your closing costs. The credit bureaus are charging more for all the extra data, and that cost gets passed on to you, the loan applicant. It appears the credit report fees you see on your closing statement will jump by about $10.