Flexible Merged Credit Report Options in Loan Prospector
Our flexible merged credit report options allow you to easily and more cost-effectively order or re-access merged credit reports provided by participating credit reporting companies (CRCs) or their sponsored technical affiliates through Loan Prospector®. If you originate Federal Housing Administration (FHA) loans you are required to order or re-access merged credit reports from a participating CRC through Loan Prospector for the FHA TOTAL Mortgage Scorecard.
With Loan Prospector’s Merged Credit Report Options you can:
- Order merged credit reports, from a participating CRC or technical affiliate, before submitting your loan for assessment.
- Use a Reference Number to access merged credit reports previously ordered from a participating CRC or affiliate outside of Loan Prospector.
- Submit loans to Loan Prospector using multiple Merged Credit Reference Numbers (MCRNs), making it easier for you to assess loans with several borrowers in Loan Prospector. With the capability to use up to five Reference Numbers, both joint and single, you can use Loan Prospector for more of your borrower scenarios.
Using Merged Credit Report Options in Loan Prospector
The use of merged credit in Loan Prospector helps you make more informed decisions earlier in the loan process. Learn how.
- Establish an Agreement With a Participating CRC: CRC agreements allow you to obtain merged credit reports through Loan Prospector. To use Loan Prospector's Merged Credit Report Options, you must establish an agreement with at least two of the following CRCs or their sponsored technical affiliates, or update your existing CRC account with your Loan Prospector information.
- Equifax Mortgage Solutions
- Kroll Factual Data Corporation
If you currently order merged credit outside of Loan Prospector, contact your CRC to ensure your agreement allows you access merged credit through Loan Prospector. If you don't already have a CRC relationship in place, download service agreements for participating CRCs.
The CRCs have an expedited online sign-up process for new or existing customers using Loan Prospector for new merged credit and reissues.
Wholesale Lenders: To view a merged credit report on third-party originator (TPO) - assigned loans/sponsored access, you'll need to have a service agreement with the same CRC as your TPO.
Ensure Your Loan Origination System (LOS) Supports Merged Credit Report Options: Contact your LOS vendor to make sure you have the most recent version of your LOS software, that includes the Reference Number field(s) and if applicable, the technical affiliate indicator.
Verify Your Credit Score Model: In order to use our merged credit options, you must use one of the following Loan Prospector-accepted credit score models:
- Experian/Fair Isaac Risk Model V2
- Equifax Beacon 5.0
- TransUnion FICO Risk Score 04
Reduced Loan Prospector Assessment Fee When Using Merged Credit Reports
The Loan Prospector assessment fee is reduced to $15 for LoanProspector.com customers on all loan types – conventional, FHA and VA – when you obtain a merged credit report from a CRC or technical affiliate through Loan Prospector, or use a Reference Number from a participating CRC.
|Loan Prospector Pricing Schedule for Conventional, FHA and VA Loans|
|Assessment Fee When Using Credit Infiles||$20|
|Assessment Fee When Using Merged Credit *||$15|
|Assessment Fee When Using Reference Number *||$15|
*Note: The assessment fee does not include the cost of the merged credit report. Merged credit report fees are based on the CRC selected and will be billed directly from the CRC on your monthly CRC invoice.
Credit Reporting Company Fees
Loan Prospector's participating CRCs charge standard fees for merged credit reports. The fees are billed by the CRC and appear as a separate line item on your CRC invoice. Some CRCs also charge a fee when the Reference Number is used to access previously ordered merged credit reports in Loan Prospector. The Reference Number fee will also appear as a separate line item on your CRC invoice. If you have questions or issues about your merged credit charges, you'll need to contact your selected CRC.
In Loan Prospector the credit report identifier is called a Reference Number. CRCs use different terms for their credit report identifiers, which also vary in format (length and numeric or alpha-numeric) and location on merged credit reports. Please refer to the following list of CRC terms to locate the credit report identifier to enter in the Loan Prospector “Reference Number” field.
|Credit Reporting Company||Credit Report Identifier|
||Credco Reference Number|
|Equifax Mortgage Solutions||Services File Number|
|Kroll Factual Data Corp.||Data Reference Number|
- Merged Credit Best Practices
- Merged Credit Report Options Fact Sheet
- Check Out Our Merged Credit Report Options Frequently Asked Questions
- Using Merged Credit Report Options in Loan Prospector
- Reorder Credit Services