How does Vision process joint applicants?
Vision scans the data associated with both consumers. If either of the applicants meets all user-defined criteria, then the file is automatically upgraded to a full tri-merge.
What happens if a consumer doesn’t have a FICO score?
In a situation where the detection bureau does not return a FICO score, Vision will not upgrade the file, returning a Vision report only. This is designed to alert the user and allow further investigation into the data set used for the credit report and review the data returned by the repository before proceeding. A missing FICO score is most often caused by one of the following conditions – each of which will result in a non-viable applicant or require correcting data and submitting a new request;
- Large amount of derogatory data - A file consisting mainly of delinquent trade lines, collections and/or public records will not return a FICO score value.
- Errors in provided data set – Errors in the provided name, address, social security number and/or date of birth will often return a no-hit (no record found) file. Should this occur, review the data returned by the repository and compare it to the provided data set. After confirming any changes with the consumer, submit a new request containing the corrected data. A new file must be ordered as the existing, corrupt file cannot be resubmitted with the verified information.
- No qualifying accounts present – The minimum data required to produce a FICO score is a single, current trade line that has been open for at least six months and has been updated at least once within the preceding six months. No FICO score can be provided until a qualifying account is contained in the consumers file.
If the default bureau does not return a FICO score, first review the report in detail to determine if any of the above issues have occurred. If desired, you can then log in to the Credit Technologies website and manually add the other two bureaus to complete the tri-merge report.
Can we customize Vision by branch or user?
Yes, Vision is completely customizable allowing each user to have varied settings if desired. Vision can be set company wide, by user or by sub-account. Depending on your internal processes, you may also wish to exempt certain users.
How do we determine the optimal Vision settings?
Credit Technologies will work with you, reviewing your current lending requirements and recommend optimal Vision settings to maximize cost savings and efficiencies. This will often include a historical review of credit and score data.
We utilize Mortgage Preflight, how does Vision work with Preflight?
Files initiated through Mortgage Prelight are exempt from Vision. All requests will automatically provide a tri-merge report and all available FICO scores. As all Preflight transactions are already paid by the applicant, this does not reduce cost savings.
For additional information on Vision, please contact our Sales Support Team at 1.800.445.4922 Option 1 or via email SalesSupport@CreditTechnologies.com