Some loans imported to ConformX contain descriptive text for the key factors that adversely affect the borrowers’ credit scores. Others use the credit bureau reason codes and print the Credit Score Matrix (cx5416) so the borrower can understand what the codes mean. The Credit Score Matrix is triggered using the ConformX setting “Print Credit Score Key Factor Reason Code Matrix”. By default the Credit Score Matrix currently prints in Initial Disclosures and Closings when the setting is “Yes”.
“Statement of Credit Denial, Termination or Charge” (cx15858) is the standard adverse action document in ConformX and follows form C-1 from 12 CFR Pt. 202, App. C. The latest model adverse action documents such as C-1 now contain credit score information similar to the latest FCRA Credit Score Disclosures including the key factors that adversely affect the borrowers’ credit scores. Therefore the Credit Score Matrix (cx5416) will be added this evening to Adverse Action packages for all those already using the document.
Please contact a member of the Sales Team or Client Support at 800.497.3584 if you wish to add Adverse Action document packages to your account.
August 10, 2011