NCRA QMCR…Good Idea Needed Now!

The National Credit Reporting Association introduced the QMCR (Qualified Mortgage Credit Report) which provides a deeper review of the consumer’s credit and includes verifying disputed data, the inclusion of non-traditional data and alternative data not currently reported to credit reporting agencies.

Credit reporting agencies can accurately code a short sale with proper documentation provided by the past homeowner or creditor. Because of a desire for credit reporting in seconds rather than the 72 hours needed to accurately document, there is pushback to this idea.

QMCR pg 1

Specifically pages 7-8 below:


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