"The First Choice in Credit & Screening"



4. October 2017 10:10
by mthomas
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TAX TRANSCRIPTS FOR USE WITH FANNIE MAE’S DAY 1 CERTAINTY™

4. October 2017 10:10 by mthomas | 0 Comments

Nashville, TN –  (DATE TBD) – TaxReturnVerifications.com, a service of CIC Credit, a national CRA providing credit reports, IRS Tax Transcripts, and Verifications services, are thrilled to announce that we are now an Authorized Report Distributor of Meridianlink Tax Transcripts for use with Fannie Mae’s Day 1 Certainty™.   When lenders opt-in to enroll with Fannie Mae’s Desktop Underwriter ® (DU®) validation service, and order tax transcripts from TaxReturnVerifications.com they are eligible to receive Day 1 Certainty™ –  relief from representations and warranties on validated loan components.

Vice President of CIC Credit, Mike Thomas, is pleased to be able to offer this service to all of our lending clients. “Our company motto is innovation-driven, and we strive for that in everything we do.” 

TaxReturnVerificatons.com will be able to supply  Tax Transcripts data from our partner Meridianlink.  Meridianlink is one of the top CRA platforms in the country, and we are proud of our partnership. 

About CIC Credit / TaxReturnVerificaitons.com 

Since 1921 CIC Credit has provided trusted data to the financial industry allowing our clients to make the correct lending decisions. Headquartered in Nashville, TN the company maintains several regional offices around the country. CIC offers many products including, credit reports, property verification, fraud detection, and employee screening solutions. 


18. May 2017 18:05
by mthomas
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Effective July 1 2017, Credit Bureaus will suppress most lien, judgment records from credit reports

18. May 2017 18:05 by mthomas | 0 Comments

The credit bureaus will suppress much of the lien and judgment records from the credit report which they estimate will impact 8.9% of consumer reports (19.5 million consumers).

The national BLJ (bankruptcy, lien and judgment) report identifies civil court records on individuals including bankruptcy filings, tax liens, as well as collections and judgments from more than 3,600 jurisdictions including small claims, municipal, county, state and federal courts. The report provides information on the debtor, plaintiff, amounts, dates, amendments and releases.

The report searches the national court records using the person's name (first, middle and last) to identify the number of potential records and then filters those by the persons, address, and their social security number (bankruptcy only).  Since lien and judgment records do not include the SSN, the national search with a 4-point match on name and address provides the surest way to ensure no missed records while minimizing the chance of a false positive.

In short, the new implementations, which are meant to protect consumers, mean judgements, liens, and bankruptcies might not show up on an individual's credit report if there are discrepancies in information used to identify a person. Also, these items will not show up on credit reports unless:

-Medical records have completed a 180-day waiting period to ensure all payments have been made and all insurance credits have been accounted for.

-There is consistency among the bureaus with regard to how an item is reported

-All authorized users reported by data furnishers have a date of birth included on the reporting

-The item reported, like a traffic ticket, does not include an agreement to pay (signed by the user). These items will no longer be included.

More information can be found by visiting nationalconsumerassistanceplan.com

CIC Credit will be able to provide supplemental reports (like the one included) that can be appended to all credit reports starting June 26th ahead of the July 1st change. 

12. January 2017 00:01
by mthomas
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New Soft Credit Report Service!

12. January 2017 00:01 by mthomas | 0 Comments

SoftPreQual by CIC Credit
Prequalified Borrowers – No Disclosures


Get ready for SoftPreQual, the newest consumer lending offering from CIC Credit. SoftPreQual is a
prequalification tool to turn customers into borrowers faster! SoftPreQual helps you qualify more
consumers with soft inquiry credit reports and without the need for disclosures. SoftPreQual is an
easy software application for you to put on your website.

As a prequalification tool, SoftPreQual only requires name and address, so it moves consumers
quickly through the process. It is designed to target the millennial generation who does a majority of
their research and work online instead of face-to-face, the goal of which is to then feed
instantly-prequalified consumers into full loan applications.

Key Points:


  •  SoftPreQual reduces cost and brings lenders more qualified leads
  •  SoftPreQual reduces application fallout rate
  •  SoftPreQual doesn’t impact Borrower score because it uses a soft inquiry
  •  SoftPreQual requires no firm offer of credit
  •  SoftPreQual does not require declination letters or risk-based pricing notices

 Technical Description and Product Features


SoftPreQual is a simple-to-use, smart web page that lenders place on their website to turn
consumers into borrowers. When used by consumers, it orders and delivers a single-bureau
ExperianTM credit report. It posts a soft inquiry to the bureau, so the consumer score will not be
impacted. The returned credit report cannot be used as an application for credit, meaning that you
will need to order a full hard-inquiry report when the borrower is ready to fill out a full loan
application.

The benefit is that the disclosures that you normally would need to deliver (Risk-Based Pricing
notice, Declination letter) are not required. SoftPreQual saves you the time and hassle of not having
to disclose an offer of credit when the borrower doesn’t prequalify.

  • The SoftPreQual report is only a pre-qualifying report and is not meant to be used for firm offers of credit.
  • SoftPreQual posts to ExperianTM as a soft inquiry.
  • SoftPreQual is fully private label friendly: Your brand, your name, nothing else.
  • If you have existing bureau codes, you can use your own codes, or use our solution.

Turn Consumers into Borrowers Instantly with Names Texted to Your Device


When consumers use SoftPreQual, loan officers instantly receive a text message, letting them know
that they have a lead to reach out to. Loan Officers know the borrower name, address, email and
phone number immediately. In this high-touch world of text messaging, nothing shows millennial
borrowers quality service like instant responses.

SoftPreQual can be fully private labeled with your brand, and your loan officers can create individual
pages too.

SoftPreQual Management Console


You have access to a fully-equipped management console to set up and configure the criteria exactly
how you want. The SoftPreQual management console allows you to give authorized users in your
office access to SoftPreQual. You can configure your own borrower-facing pages with custom
products, automated decision, borrower messaging, and more.

Private Branded Web Links


SoftPreQual delivers customized web links to you per user, allowing loan officers to present products
and services directly to borrowers. Loan Officers can promote their sales efforts further by putting the links to
their SoftPreQual page on local business websites such as car dealerships, home improvement
centers, realtors, and more.

Ask your CIC account executive to be setup today!
615-386-2282 or sales@ciccredit.com 

9. November 2016 21:11
by mthomas
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Fannie Mae™ Day 1 Certainty™ - CIC has the products you need now!

9. November 2016 21:11 by mthomas | 0 Comments

On October 24, 2016, Fannie Mae™ announced Day 1 Certainty Initiative offering income, assets, and employment validation services to lenders through its DU system. One of the key factors of interest is Fannie Mae™ will provide relief from reps & warrants. CIC Credit is a proud reseller of AccountChek™ powered by Formfree and of The Work Number™ powered by Equifax®. CIC is also working diligently to become a provider in the program for our TaxReturnVerifications.com 4506-T IRS transcript services. Please contact your CIC Credit account representative or call 800-352-5882 to learn how to use your existing provider with the new Fannie Mae™ program.

20. August 2016 02:08
by mthomas
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Temporary SSA-89 agent name change

20. August 2016 02:08 by mthomas | 0 Comments

Starting Saturday, August 27th, 2016 you must use a new temporary agent name on your form SSA-89.

 Old agent name:

 Martin Information & Investigations LLC dba USinfosearch.com;

5330 East Main Street Ste# 101b Columbus, OH 43213

 

TEMPORARY AGENT NAME, STARTING AUG 27, 2016:


Computer Information Development, 713 W Duarte Rd #106, Arcadia, CA 91007

 This change is temporary, as our volume will exceed Martin's allotment of SSN verifications provided by the SSA under their CBSV program and they are unable to provide Martin with more until October 1, 2016. We fully appreciate this type of change can be disruptive to your business, but we have exhausted all options to convince the SSA to allow Martin more SSN verifications before October 1. This issue is a one-time problem as our allotment going forward has greatly increased.

 

Starting on August 27th if your form SSA-89 shows the agent name Martin Information & Investigations, we will reply with an error message requiring you to submit a new form with the agent name Computer Information Development, before we can process your order.


Please do not use the temporary agent name before August 27th or after September 30th.

 

The return time of your form SSA-89 orders may be a little longer, but we will strive to continue to return your SSN verifications as soon as they are available. Thank you for your continued business, and again, we apologize for the inconvenience.

 For further information, please contact your CIC account executive.

TEMP FORM DOWNLOAD CLICK HERE