In preparation for the upcoming FCRA changes related to the Credit Score Disclosure Mortgage Exception Notice, DocuTech has been performing an analysis of the credit score related information being sent to ConformX to make sure it meets the needed standards for the upcoming compliance changes. In order to be able to properly populate a compliant Credit Score Disclosure Mortgage Exception Notice, it will be crucial that the agency information is accurately provided to ConformX. As part of our analysis, it was noticed that several DataTrac clients were not associating a credit agency with the borrower credit scores in all cases. Please refer to the guide below for how to accomplish this in DataTrac and please make sure this is incorporated into your process prior to January 1, 2011, to guarantee that your documents are compliant.
If you intend to disclose credit score information from a credit reporting agency other than Experian, Equifax, and TransUnion it is important that custom work be completed on your FCRA documents prior to January 1, 2011. If you have any questions or need support for a different credit reporting agency, please contact Client Support at 800.497.3584, option 3.
Associating Credit Agencies with Borrower Specific Credit Scores in DataTrac
Create the credit bureaus in Admin -> Support Files -> Credit Bureaus
Create Entries for Equifax, Experian and TransUnion:
After the credit bureaus are set up the agencies can be selected on a loan by loan basis by clicking the “Borrower” button on the General Information screen:
Credit bureaus are entered on the Credit tab under the Borrower button above. Just click “Add Score” and enter the credit information for either borrower or spouse, including selecting an Agency entered from step 1 above, a credit score, and date obtained:
Clicking the ellipsis next to the Agency text box opens up a box where the user can select the correct agency for each credit score:
After the information is selected it can be viewed (or edited) on the screen: