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
- CIC will request a LOX to expedite the verification(s) to get consumer explanation.
- CIC will review the refresh report if it exists to verify any new tradeline from inquiry(s)
- CIC will use bureaus portals to glance at any new tradelines
- 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.