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17. March 2016 17:03
by mthomas
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Trended Data

17. March 2016 17:03 by mthomas | 0 Comments


In October 2015 Fannie Mae announced that they will start using Trended Data in their underwriting decision starting the weekend of June 25 2016. Trended Data will come from Transunion’s CreditVision and Equifax’s TotalView product lines. At this time, Experian has no trended credit data for mortgage credit reporting origination. CIC Credit is ready for testing and the June 25 2016 change.

What is trended credit data?

Trended credit data provides an expanded, more granular view of the consumer by leveraging 24 months of a consumer’s past balance, payment, and credit utilization history.  It provides a fuller picture of a consumer’s credit behavior, supplementing the traditional moment-in-time credit snapshot with a more dynamic 2-year picture of a consumer’s history of managing revolving accounts. With 24 months of historical data (such as payment and balance), lenders may be able to see how consumers have managed their credit accounts over time, allowing them to better predict future behavior and assess risk. For example, a consumer with a large credit card balance who pays in full every month (a “transactor”) likely has a higher level of creditworthiness than a consumer with a large credit card balance who only makes the minimum required payment (a “revolver”).  Existing credit reports can’t always differentiate between these two types of consumers.

Why is this change coming?

This new trended credit data initiative could significantly change the mortgage lending industry and the evaluation of home loan applicants. The trended credit data from TransUnion & Equifax will enhance the static snapshot of a consumer’s credit balances with 24 months of historical payment data, potentially providing a more comprehensive view of the applicant. Equifax Trended ACROFILE® & TransUnion CreditVision® is the new industry to mortgage end users.

When Fannie Mae integrates trended credit data into Desktop Underwriter® (DU®), will Experian participate as well?

Experian will participate but we have no ETA at this point.

Will this data have an effect on the DU credit risk assessment and how information is returned to my lender by Fannie Mae?

Our understanding is trended credit data will be included as part of the credit risk assessment in DU Version 10.0 (to be released the weekend of June 25, 2016).  Refer to Fannie Mae’s DU Version 10.0  Release Notes for additional information. https://www.fanniemae.com/content/release_notes/du-do-release-notes-06252016.pdf 

Will Freddie Mac accept the new trended tri-merge data in Loan Prospector®?

At this time, Freddie Mac will not receive the new data elements in machine-readable formats; however, they should still receive the new tri-merge human readable print images embedded within the machine readable (XML or .dat and FFF raw file) formats.

Will the way clients order credit reports today change?

No.  The process of ordering credit reports will remain the same as always.

Do I need to make system changes to address Freddie Mac’s requirements?

If you have a proprietary system with a direct connection to Freddie Mac, please review with Freddie Mac directly.They can address technical requirements to support Freddie Mac.

Why do some tradelines have the trended credit data but others do not?

Not all tradelines qualify. Refer to the criteria chart for Equifax tradelines below.

 

Trended Credit Data May Not Be Present When Account Is:

Trended Credit Data May Not Be Present When Account Is:

Authorized User

Child/Family Support

Collections

Duplicate trade

Insufficient Information to Score: File contains no trade, inquiry, collection or public record.

Less than 6 months of history in an Open status.

Lost/Stolen

Masked trade data for certain narrative codes (bankruptcy, in dispute, medical, repossession, foreclosure, …)

Medical

Months since reported > 24

Public Records

Subject Deceased

System Reject - Model Delivery is Temporarily Unavailable

 

Do the balances shown reflect the balance before or after the monthly payment?

Trended credit data reflects the balance after the monthly payment was made as reported by the data furnisher for the applicable tradeline.

Can additional months of trended credit data be requested (beyond what is provided in the report)?

Trended credit data is only available for 24 months at this time.

What would be reflected in the trended credit data if a consumer missed a payment?

Trended data will reflect a BLANK or ZERO depending on how the data furnisher supplied the information.

 

When will trended credit data be available in MISMO?

Our understanding is MISMO has added containers for trended credit data in their 3.4 version; however, they are actively reviewing a possible solution for MISMO 2.3 with more information expected soon.

Will a Rescore include trended credit data as well?

No.  Trended credit data is not included in the mortgage industry credit scores; therefore, our Rescore product will not be impacted.  Making changes to the trended credit data fields would not impact scores, yet this will be revisited in the future if/when the mortgage industry scores start using trended credit data.

 

Will Trended Data increase my credit report fees?

 

Yes, Trended Data will add a significant increase to credit report fees and secondary use fees also.         

 

 

How is the data going to display? What will the report look like?

In October 2015 Fannie Mae announced that they will start using Trended Data in their underwriting decision starting the weekend of June 25 2016. Trended Data will come from Transunion’s CreditVision and Equifax’s TotalView product lines. At this time, Experian has no trended credit data for mortgage credit reporting origination. 

 

Samples:

   

8. January 2014 01:32
by mthomas
0 Comments

How to respond to credit fraud

8. January 2014 01:32 by mthomas | 0 Comments

The Four-Step Process

Experian® suggests that you follow a four-step process if you notice something unfamiliar or suspicious on one of your accounts or if someone accesses your bank account or commits any type of fraudulent activity using your identity.

Step 1: Contact Experian’s National Consumer Assistance Center

To add an alert at any time of the day or night, visit our online Credit Fraud Center or call Experian’s automated service at 1 888 397 3742.

  • An initial security alert can be immediately added to your credit file. This alerts creditors to confirm your identity before extending credit. Once an alert is added, your name will be removed from prescreened credit solicitation lists.

Remember! An alert may prevent you from being approved for new credit or you may be asked to provide identity information!

  • You also may request a complimentary credit report.
  • The alert will be shared with the other national credit reporting companies, Equifax and TransUnion, so they can add the alert to their credit files.

Step 2: Review Complimentary Credit Report or Order Report

  • Review your consumer disclosure for fraudulent data and call the special telephone number listed on the credit report.
  • You will speak with an Experian consumer assistance associate who is specially trained in fraud victim assistance.
  • Together, you and the consumer assistance associate identify fraudulent items. The items are investigated and verified.

Step 3: Experian Investigates

Experian verifies the information that the consumer alleges as fraudulent with the creditors or data furnishers.

  • Upon receipt of a valid police report or valid state approved identity theft form, Experian blocks alleged fraudulent information from view by creditors and other users of the report. This allows you to continue to be credit-active without being penalized for any fraudulent information on your report.
  • Experian employs special system procedures and matching criteria to ensure that fraudulent data is removed as soon as possible.

Step 4: Fraudulent Data Is Removed

  • Experian must complete an investigation within 30 days (or 45 days if information on an annual credit report is disputed).
  • The data contributor is asked to verify the information it reported with its records.
  • Once the response is received, the consumer will be notified of the results of the investigation.

Security Freezes — Learn More

More Resources

If you suspect you are a victim of identity theft, here are some important contact information that can help you respond:

Experian Fraud Division
1 888 397 3742

Equifax Fraud Division
1 800 525 6285

TransUnion Fraud Division
1 800 680 7289

Driver’s license number fraud – Notify your state’s Department of Motor Vehicles

Social Security number used to commit identity theft – Notify the Federal Trade Commission at 1 877 ID THEFT or 1 877 438 4338

Passport used in identity theft – Contact the U.S. State Department, Passport Services Department

Mail fraud – Visit the U.S. Postal Service® Website, Government Services

19. November 2013 23:21
by mthomas
0 Comments

IE 11 issues

19. November 2013 23:21 by mthomas | 0 Comments

Dear Clients,

Many users are upgrading to Internet Explorer 11 and are running into issues accessing our website. We will be opening the site to IE11 later in this month's release.

For the time being, users with IE11 can enable compatibility mode for our website and it should resolve the issue.

Please advise clents to remove compatiblity mode for the site after the update has been released.

9. January 2013 19:17
by mthomas
0 Comments

IRS now accepts Electronic Signatures

9. January 2013 19:17 by mthomas | 0 Comments

IRS now accepts Electronic Signatures

 

Today TaxReturnVerifications.com a service of CIC Credit announces a new innovative way to process all electronic signatures. TaxReturnVerifications.com has partnered with DocuSign to assist in a painless complete turnkey solution to easily have your borrower sign from their computer, tablet, or even their mobile device and send to the IRS for processing 24/7. Once you’re borrower signs then our technology takes over and within as little as 24 hours we will send the IRS transcript order.

Also unlike many of our competitors we saw a need to allow other electronic signature technologies so TaxReturnVerifications.com will allow any electronically signed 4506T to be uploaded to our site along with electronic envelope information to be processed and sent to the IRS as well.

Please see the attached addendum to enroll in the electronic signature program with the IRS. TaxReturnVerifications.com will tentatively roll out our DocuSign integration on January the 15th 2013. Additional fees will apply to all electronic signature processing.

 

Additional fees will apply to all electronic signature processing.

 

 

Please direct any questions to Mike Thomas or Eric Wimsatt at

 

sales@taxrerurnverifications.com

 

 

 

 

 

4506T Electronic Signature Addendum.docx (27.54 kb)

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