Credit Plus is a company that many mortgage lenders use to help manage consumer borrowing. The company is a third-party mortgage verification company with services that are geared towards both businesses and consumers.
For lenders, they have a wide range of credit technologies that can help with rapid rescore situations.
What is Credit Plus?
Credit Plus is a third-party mortgage verification provider that is working on innovating the industry of tomorrow. Credit Plus sets itself apart in several key ways:
- Service and support
Credit Plus aims to provide fast and effective tools used for buying a home, fighting back against fraud and verifying information.
With an innovative approach, the company’s services have helped ease the burden on financial institutions and lenders to verify and help borrowers meet their goals.
Why Did You Receive a Credit Plus Inquiry on Your Credit Report?
Don’t be alarmed if you received an inquiry from Credit Plus on your credit report.
An inquiry means that a lender has asked for a copy of your credit report. If you’re not shopping for a mortgage or didn’t take out a loan or new credit, you can contact Credit Plus directly to learn who submitted a credit report request.
Once you learn who requested your credit report, you can ensure that the request wasn’t fraudulent in nature.
Credit Plus Credit Technologies
Credit Plus provides verification services throughout the life cycle of the mortgage loan. The company’s services allow lenders to make better decisions when lending and close more loans with confidence that they’ve kept risks low when lending.
Technologies that are offered, and there are several, include extensive verification that occurs during all stages of the lending process:
- Pre-closing QA
- Post-closing QC
- Forensic reviews
Even after a borrower is in their home and mortgage payments are being made, there are two main services that you can use to determine if the loans provided are reliable and solid.
The QC review is a critical portion of the post-closing process that reviews 10% of all loan types. The QC will review the automated underwriting approvals, conduct audit reports and also conduct occupancy checks. Inconsistencies will also be spotted using automated technologies that will analyze signatures, dates and other details to find issues of inconsistency.
Reverification of all rent, lease, assets and employment can be performed, too.
Forensic reviews occur afterward that can spot any cases where a mortgage should not have been provided. Spotting data inconsistencies is a key means of eliminating not only fraud but also high risk loans that may put the financial future of a lender in jeopardy.
Through a robust set of services, Credit Plus is able to strengthen the lending process and ensure that both lenders and borrowers are more financially secure.
Third-Party Mortgage Verifications
Mortgage verification is often performed by third-parties to ensure that borrowers are financially sound and can afford the mortgage. There are numerous services, which can be used together or separately to verify mortgages.
A few of the key services that can be consolidated with Credit Plus are:
- Credit reports with full management systems and the merging of reports to have a clearer picture of a person’s borrowing capacity.
- Tax return verifications that ensure the financials provided are accurate.
- Undisclosed debt verifications that ensure a borrower isn’t hiding debt or disclosing debt that they don’t know about.
- Employment and income verification to lower the risk of lending to certain borrowers.
But this is just the start of what Credit Plus has to offer. There are dozens of services through the company that make mortgage verification a fast, streamlined process.
Tri-Merge Credit Reports
Tri-Merge is designed to provide you with credit reports and more. The service provides a robust analytical tool designed to help you work faster and more efficiently.
When you begin using Tri-Merge Credit, you’ll gain access to:
- Account managements features for:
- Multiple user control
- Multiple user rights
- Management reports with full activity summaries
- Real-time views of accounts
- Billing invoice printing
Credit Score Disclosures can quickly be ordered to ensure FACTA compliance. All reports will also be available for forensic review.
Lenders that need to determine if a borrower’s debt-to-income (DTI) increased or if any significant changes have occurred on the borrower’s credit score can also use this feature to refresh the borrower’s credit report before closing.
Tri-Merge is designed for the needs of mortgage professionals and offers:
- Merged credit reports from all three credit bureaus, a single report or a double report
- GSE approved reports
- Supplemental Mortgage Credit Reports
- Residential Mortgage Credit Reports
- Mortgage Only Reports
- Alternative Language Mortgage Credit Reports
Credit Plus’ tools are designed to help your clients achieve their goals.
Score Plus is one of the best services by Credit Plus thanks to the service’s rapid rescore technology.
The Score Plus system does something that very few services can do: updates credit information across all the bureaus in 5 to 7 business days.
The service will forward all documents from your borrower to:
You will be somewhat in charge. You’ll need to send in a request using:
- Fax, or
The Score Plus Order Form will need to be provided along with all of the documentation that you want updated on your report. Once received, the documentation will go under review before being forwarded to the three respective bureaus.
Bureaus do have a right to reject the documentation and updates you request.
If a rejection does occur, you’ll be immediately notified of the issue.
Customers can have a lot of information updated using Score Plus, including:
- Removing erroneous accounts or information
- Updating information for closed or paid in full accounts
- Collection status updates
- Adding accounts included in a bankruptcy
- Update balances or accounts with paid in full statuses
Credit Plus offers industry-leading tools that allow borrowers to have a complete picture of their credit report and what needs to be done to enhance their report further. Lenders also gain control over a robust management system and analytics developed to make managing credit reports easier and faster.