Training FAQs

What is the difference between a Reference Update (Supplement) and a Rescore?

A Reference Update is a temporary, cosmetic change to a credit report and will not change the consumer’s score or alter any information at the NCRA-level. In order to have a permanent change done to the report to prepare it for automated underwriting, you will need to order a Rescore. A Rescore may change the consumer’s credit score.

Do I need to include any documentation with my Reference Update request?

We recommend that you include any available documentation when ordering a reference update but its not required. Please see our documentation guide.

To submit a new document after the Reference Update request has been placed, please search for the report on our website, Enterprise. Go to Upgrade/Services under Services on the right-hand side. Then, on the right side, under Other Services, select Upload Auth/Docs.

What type of documents do I need to send in with the Rescore?

This will depend on the request as well as the NCRA that you have requested to be rescored. Please refer to our Rescore Documentation Guide.

Additionally, a Rescore cannot be used to: add a Tradeline, change Date Reported, add a Public Record, change LexisNexis Public Records, change Deferment Dates, add a Monthly Payment or Balance (if blank), add Borrower(s) to an account (Example: as auth user), or change Payment Rating on Foreclosures and/or Short Sales.

How do I check the status of my request?

Log in to Enterprise. Search for the report using the Report Status and select the report needed.

What if the supplement comes back with missing or inaccurate information?

You may place a new Reference Update request in the same way that you placed the first with specific instructions or you may contact Client Success at (800)216-3463 or clientsuccess@factualdata.com to have them place a rework for you.

What types of alternate credit accounts can be added to the credit report?

Payments for rental housing, utilities, telephone (not pre-paid), cable, life insurance, auto insurance, renter's insurance, payments to local stores (furniture, department, specialty stores, etc.), tuition, child care, and personal loans can be added to the Factual Data credit report as supplemental tradelines. The consumer must have a contractual agreement with the credit grantor. We recommend providing documentation when ordering alternate creditor verifications.

Examples of accounts that cannot be added: TV subscriptions, magazine subscriptions, memberships, etc.

Can you update an account to the current month if it was included in bankruptcy?

An account that was included in bankruptcy can be updated to current month if there have been no late payments since the bankruptcy filing date or during the requested time period (12- or 24-months), or if the account has been reaffirmed. If there have been late payments during this time and the account was not reaffirmed, we may not be able to update the account with current information and payment history.

Can you add an account to the credit report if it was included in a bankruptcy?

Yes, providing it has positive payment history (no late payments or past due amounts) over the past 12 or 24 months.

Can you add private mortgages to the credit report?

Private mortgages can be added to the report; however, before they can be added, 12 months of cancelled checks as well as official documentation that describes the terms of the debt repayment (i.e. original contract, promissory note) are needed.

Can you add Reverse Mortgages to a credit report?

No, we will not be able to add a Reverse Mortgage to the credit report.

What is the Credit Report Workflow Solutions?

Workflow Solutions is a customized set of rules or criteria chosen by the customer. You tell us what data points from the report you'd like to consider to be important through your workflow. Our team will write a specific script that looks for those attributes on the credit report and alert you of the findings in a simple easy to read section at the beginning of the report.

Workflow Solutions generally fall into two separate categories:

• Auto Upgrade: begins by pulling a credit report with one vendor (or bureau) first. If all of the “rules” are passed, then the file will auto upgrade to additional vendors. If all of the “rules are not passed, then the upgrade would not occur, therefore saving you the cost of a tri-merge report.

• Standard Scripts: run after the credit report is pulled and evaluate all of the data on the file, providing you with a Workflow Solution result.

What is the Identity Cross Check report?

The Identity Cross Check report (IDCC) is an identity verification tool that provides multi-faceted evaluations of core consumer identification elements:

• Name
• Address
• SSN
• Date of Birth
• Phone

 

Authentication reports are important tools that clients can use to stay within Red Flag Compliance and US Patriot Act (USPA). These tools can help to verify information provided by the consumer to be accurate and complete for verification of the consumer’s identity.

What is a Loan Quality Cross Check report?

The Loan Quality Cross Check (LQCC) is a soft pull report that is pulled prior to closing and will compare and highlight the differences between the original credit report and what is being currently reported. The purpose of this product is to determine if any new and/or undisclosed liabilities have been incurred by the consumer since the date of the original credit report.

How can I improve my borrower’s credit score?

While Factual Data is unable to give specific advice on how to improve your borrower’s credit score, CreditXpert^® products are great tools to help you find ways of maximizing the score.

I pulled a credit report from a different vendor; can you verify information on that report?

Factual Data is unable to verify information on another vendor’s credit report. We must have a current report in our system for the borrower in order to verify any information.

How do I set up my defaults for the Enterprise Platform website?

Once logged in to the Enterprise Platform, click the Administration tab at the top of the screen. From the dropdown, click ‘defaults’ and scroll down to the bottom of the screen. Fill in all of the ‘Requestor Information’ – your information will now be defaulted every time you order an update electronically.

Can you change borrower input information due to typographical errors?

We are able to change some borrower input information:

• Name
• Address
• Date of Birth
• Loan Number

Additionally, we can change the Loan Number & Requested By information for the Credit Report.

Factual Data is not permitted to change the SSN or Suffix for any reason. The report must be deleted and a new report pulled with the correct SSN or Suffix.

I forgot my password; how do I receive a new one?

Go to the main login screen of the Enterprise Plaform www.creditbureaureports.com and click the ‘Forgot Password?’ link. You will be prompted to re-enter your username and answer accordingly; upon successfully answering the question, the option to reset the password directly in the Enterprise Platform will be displayed.

Why am I missing a credit score on my consumer’s credit report?

A credit score might be missing from a Factual Data Credit Report because:

• A consumer can place a credit freeze on their report. This means that no one can pull or access their credit report without a freeze pin or the consumer lifting the freeze by contacting the NCRA.
  • A consumer can place a credit freeze on their report. When the consumer lifts the freeze, a Factual Data Customer Service agent can attempt to perform a remerge and pull the NCRA's data and score onto the current credit report.
• The amount of credit history or variation of types of credit may not be sufficient enough for a credit score to be generated by the vendor. Often, this happens if the consumer has less than 3 years of recent credit history or doesn't have any accounts with a balance or payment history for the last 6 months. This can also happen if the report does not contain any tradelines which have been open for at least 6 months.
• The variation of name, address, SSN and/or DOB entered to pull the credit report does not match what the NCRA has on file for the consumer. This can be due to:
  • the customer mistyped the consumer's personal information when pulling the credit report
  • the consumer may have moved recently and the new address that was used to pull the report is not on file with the NCRA
  • the consumer may have changed their name (first or last name) recently and the new name that was used to pull the report is not on file with the NCRA

Why are my consumers’ scores different on different websites?

Your company may be pulling a different type of report than the consumer has viewed in the past. For example, you have probably pulled a mortgage report. This type of report may have different scoring models that your company uses and can yield different results than a credit card report. Additionally, some tradelines have a larger impact on the score than others due to age and activity. For example, inactive tradelines for 6 months or more may have a different effect on the score than active tradelines within the past 6 months.

When is a new credit report required?

If a new report is required, the previous one must be deleted from the system. Once you have searched and located the report using Report Status, select Delete under Services on the right-hand side. Then, you may order a new report.

Reasons why you may need a new report:

• No scores were returned from any of the pulled NCRAs
• The consumer's SSN or the Suffix were mistyped or wrong
• A rescore was completed with all of the originally pulled NCRAs
• A new credit report is required within your company's retention period

What do the different applicant ECOA codes mean on each tradeline?

• (App): Applicant, (Co-App): Co-Applicant
• Individual: the individual has sole contractual responsibility for the account
• Joint: the individual along with someone else has contractual responsibility of the account
• Authorized User: the individual has no contractual responsibility of the account
• Undetermined: undetermined whether the account is a Joint or Authorized User account
• Maker: the individual is liable along with the Co-Maker; they have agreed to assume joint liability of the account
• Co-Maker: the individual has contractual liable if the Maker defaults. They have agreed to assume joint liability with the Maker.
• Terminated: the individual is no longer associated with account
• Undesignated: account undesignated as Individual or Joint

How does Factual Data promote quality assurance?

Factual Data calls and Reference Updates are randomly checked for accuracy and consistency on a daily basis.

How do I have a dispute comment on a tradeline removed from my borrower’s credit report?

In order to have a dispute comment removed from a tradeline on the borrower’s credit report, you need to order a Rescore and provide proper documentation. Please refer to our Rescore Documentation Guide for more information.

Alternately, the borrower can submit the request through the Consumer Assistance Department. The borrower can complete the Dispute Request Form, or reach directly out to our Consumer Assistance department at (877) 237-8317.

I pulled a report for a borrower in error; how can I get that inquiry removed?

Please refer to the Credit Inquiry Removal Process document for more information.

How can my borrower dispute information with your Consumer Assistance department?

The borrower can complete the Dispute Request Form, or reach directly out to our Consumer Assistance department at 877-237-8317.