How to best use CreditXpert

Inquiry verification policy and procedures

Inquiry policy as effective immediately is as follows

CIC will require the borrowers’ authorization for all requests made on any verification services.

Any request being made on an inquiry that is a Credit Reporting Agency will be completed as refused to verify i.e. Kroll, Factual Data, Equifax Mortgage, CBC, Innovis, etc.  the below comment will be placed on all CRA related inquiries – Refused to verify – credit reporting agency inquiry–no new credit

On all request regardless of age, CIC will request the LOX to assist and guide us in the verification process when placing calls to creditors, i.e. account number, contact names, or reason for credit inquiry to name a few.

Any other inquiry that is less than 45 days old will be called to verify, CIC will request the LOX to expedite the verification(s).

Any other inquiry over 45 days old will be verified using our new methodology

1. CIC will request a LOX to expedite the verification(s) to get consumer explanation.
2. CIC will review the refresh report if it exists to verify any new tradeline from inquiry(s)
3. CIC will use bureaus portals to glance at any new tradelines
4. IF creditor refuses to verify CIC will conduct a conference call with the borrower and creditor, this will delay turn-times when coordinating with the borrowers schedule.

Thank You,

CIC Management

In an effort to go paperless CIC Credit will no longer accept a faxed order for a Rapid Rescore Repository Update starting 04/01/2011 you will be required to order it online thru the CIC Credit online ordrering system. We have attached a document on the ordering procedures for your end users to follow.

Please direct any questions to support@ciccredit.com

SSA-89 New product

TaxReturnVerificaitons.com has now integrated processing for Social Security Administration form SSA-89 form. Fannie Mae is requiring additional verification of the social security number on files that are deemed “Potential Red Flag”.  The verification of social security numbers must be a direct validation from the Social Security Administration’s database, such as the Consent Based Social Security Number Verification (CBSV) Program with form SSA-89.

Easy and Fast Order Processing!

Simply log in to your account and create a new SSA-89 order right online. Upload the SIGNED Form SSA-89 into the order. Once the order and form is approved, the results will come back from the SSA’s, The turn-around time is usually 10 to 40 minutes.

Sign up!

Please contact your account executive to have this service added to your account if you do not already have access to the service from your order console in TaxReturnVerifications.com

The rule, adopted by the Federal Reserve Board and Federal Trade Commission, requires lenders that extend credit based on a person’s credit report to provide risk-based pricing notices if credit terms are “materially less favorable” than terms that would be offered to “a substantial proportion” of consumers.

Generally, disclosures are required if an interest rate is higher based on the person’s credit score.

The final rule provides a choice of three methods a lender can use to determine if terms are materially less favorable. It also provides a special test for credit card offers: If an individual receives a rate that is higher than the lowest one advertised on a multiple-rate offer, the notice is required. Notice must be given after the terms are set but before the consumer is contractually obligated on a transaction.

The rule implements provisions of the Fair and Accurate Credit Transactions Act.  CIC Credit will offer the disclosures to all clients starting Jan 1st 2011. In addition to the disclosure that can be amended to the credit report CIC also offers a fulfillment services to keep you in compliance with this new regulation. Please call your local CIC representative or call 800-352-5882, you may also email sales@ciccredit.com for more information on complying with the new Risk Based pricing ruling by the FTC.