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Scoring Model Decision Making Tool
What is it?
The scoring model is a risk assessment tool that takes detailed decision making and turns it into a streamlined assessment tool that also aids in keeping you compliant with FHA rules and regulations.
How does it work?
A scoring model is a formula that assigns points based on known information to predict an unknown outcome. As a client, you can set your own parameters of what is acceptable, not acceptable, or contingent. These parameters are then transformed into a formula that will be used to predict whether the individual is a candidate based on your criteria.
I have been told I can’t obtain credit reports, what can the scoring model do for me?
Not a problem! This tool was built with you in mind. Since credit bureaus now require site inspections in order to obtain credit reports, many find that they are no longer able to obtain these reports. This tool allows you to obtain this information without having to pass inspections. You will not be receiving a full credit report, but the credit information will be used in making decisions based on your criteria. This way, any information you know is going to negatively affect your decision will be accounted for without infringing on any FCRA laws and regulations.
