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Frequently Asked Questions
What Is The Anthem
Suite?
The Anthem Suite is
a comprehensive offering of alternative
credit services that allows lenders to qualify consumers
without traditional credit information. By using supplemental
information from alternative sources, such as rent
payments, a
lender can form an accurate risk assessment on first-time
home
buyers, recent immigrants, unbanked consumers, international
applicants, and other consumers.
Who Accepts
Anthem?
Any loan program
allowing nontraditional credit data can use the Anthem Suite.
The Anthem Report and Score were designed with data and underwriting
rules already in use with GSEs and major lenders across the
country. Lenders with an investor agreement approving non-traditional
data – as well as those desiring to normalize, streamline
and reduce risk in loan programs using non-traditional data
– can incorporate the Anthem Report and Score into their process. |
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What Data
Is Used In The Anthem Suite?
The Anthem process starts with credit data gathered
from an Instant Merge credit report. The information is then
supplemented with alternative forms of credit data, such as rent,
utility and
insurance payments. Research shows that alternative
payment histories, such as rent payments, are the most predictive
form of data, and can accurately demonstrate a consumer’s
likelihood of
making future mortgage payments.
All non-traditional credit data
used to generate an Anthem Report and Score are verified by First American CREDCO’s
dedicated team of FCRA-certified credit specialists.
What Is The Anthem
Score?
The Anthem Score was developed to fit seamlessly into existing
mortgage, underwriter and investor guidelines. It is calibrated
to produce scores that are similar in range and distribution
to
traditional credit scores. Used to improve underwriting of
loans, any loan accepting non-traditional credit can be streamlined
and normalized by implementing the Anthem Score.
- Score range is 325 to
850.
- Fully compliant with ECOA, GSE and
regulatory requirements including the ability to make
disclosures and disputes.
- Includes explanatory Factor Codes.
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How does Anthem help consumers?
A Score for Every Applicant
The Anthem Suite allows lenders to obtain a credit report and an underwriting score on
any applicant. Since Anthem’s inception in 2004, we have been able to get credit information on every applicant who needed an Anthem Report.
Bi-Lingual Support
First American CREDCO’s bilingual team of Spanish and English speaking FCRA-certified credit specialists are available to assist you and your applicant to re-evaluate credit data, update as necessary, and re-issue the score. This Customer and Disputes Resolution Service is offered FREE to every consumer whose credit report is provided by First
American CREDCO.
How Is Anthem Implemented?
The Anthem Suite can be delivered to you in a variety of methods. First American CREDCO customers can receive Anthem through their existing connectivity or online through eCREDCO, or Anthem can be integrated into an existing LOS.
How Is Anthem Ordered?
Ordering Anthem is simple: |
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- Pull an Instant Merge Report
- If the file comes back as “thin” or “no file”, upgrade your report to an Anthem Report
- FCRA-certified specialists will do the research and return a report and score to you in a timely manner
To further simplify the process, you can also order Anthem Advisory, which automatically notifies you when “thin” and “no file” criteria are met on an Instant Merge Report.
Does Anthem Offer Compliance And Fraud Features?
Yes. The Anthem Suite is fully compliant with all aspects of the FACT Act, Credit Score Disclosures, and Consumer Disputes. All data is fully verified by FCRA-certified specialists to meet lender requirements, which helps detect and eliminate fraud. Fraud alerts, identity verification, income and employment verification are all available through the Anthem Suite of Services |
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