Frequently Asked Questions

What information do you need in order to verify a Credit Card Balance?
Most revolving debt (balances and payments) can be verified through automated system; however, we need for you to supply us with complete account numbers. Mastercards and Visas are 16 digits, American Express is 15 digits, and minor credit cards vary.
My client has a mortgage that is not showing up on the Credit Report. Can you add this mortgage?
Yes. In order to add a tradeline (auto loan, mortgage, etc.) that is not already on the credit report you will need to provide us with a loan number, the creditor's phone number and a borrower's authorization so we can verify the information.
What is a RMCR?
RMCR stands for Residential Mortgage Credit Report. If you request a RMCR, we verify the borrower's employment for the previous 2 years, any unsatisfied public records, and tradelines that have not been reported in the last 3 months. If there is something specific you need verified, request that along with the RMCR.
Can all tradelines be verified over the telephone?
No. Some creditors do not report to the bureaus, have automated systems or verify over the telephone. For example, Chase will only verify by mail and with a $20. fee. Other companies will not, under any circumstances, verify to a third party. Unfortunately, we have no way around these restrictions.
Can a creditor refuse to give information?
Yes. The borrower can always, by law, get information. There are creditors who will not, under any circumstances, verify to a third party (Advantage Credit or any other Credit Reporting Agency).
What if a loan keeps appearing on a credit report that was awarded to an ex-spouse in a divorce?
If an account was awarded to a borrower's spouse through a divorce, yet it is still on the credit report, we cannot remove it. If we are provided with evidence, we can add a footnote on the account that reads, "Borrower is not responsible for account per divorce decree." Borrower will need to dispute this through the Bureaus.
Can you verify public records?
Yes and no. Credit reports provide very little information on the public records and are often not accurate. The borrower should always keep a copy of the release or satisfaction and we can use this to update the credit report. Some counties will give us the information over the phone, some require a fax with borrower's authorization and some will provide no information at all. For example, California courts will do no third party verifications. There are counties that require the borrower to go to court and research it in person! Again, we will do whatever we can to obtain the information requested, but we are restricted at times by certain guidelines imposed on us.
Can you verify the authenticity of inquiries?
No. We have no access to information on inquiries. If a borrower says an inquiry is a mistake, (i.e. he/she did not authorize credit to be pulled by a certain company) they will have to dispute this through the bureaus.
Will the changes you make on the credit report increase the scores?
No. Any permanent changes the borrower wants on this credit report will have to be done through the repositories. Any information we add or take off a credit report is for that credit report only. This will not affect any permanent information at the level of the repositories. Also, any changes we make to a credit report will not show up if you pull a new credit report. Any changes added to a new report will have to be done over again.
How do you decide the order in which you update credit reports?
All requests for updates are done in the order in which they are received. Whether you call or fax your request, we enter the request into the system and they are attended to the same as requests entered online.
What information do you need if I call or fax in my tradeline request?
First, we need the number of the credit report. Then tell us exactly what you need done on this report. Provide a phone number or email address, so we can contact you if needed. If you get our voice mail, please leave all the information on the recording. This saves a lot of phone tag! You can then check the status of your request online.
Is it possible for my borrower to speak to you directly?
No. Fannie Mae and the repositories have advised us not to discuss credit reports with the borrowers directly. Any questions or requests should come through the mortgage company. We discourage mortgage companies from having borrowers contact us. In most cases, we will direct them back to you, their mortgage company, or to the repositories.
The underwriter pulled a credit report elsewhere and different information showed up. Can you verify that?
No. We cannot verify things that show up on someone else's credit report and not ours.
Can you add a Landlord Verification?
Yes. We need as much information as possible (Landlord's name, phone number, length of rental and amount). At times we will also need a borrower's authorization. Some landlords will verify only information that we already have. Any extra information you can provide will be very helpful and appreciated.
What do the ECOA Codes mean?
The Equal Credit Opportunity Act (ECOA) requires creditors who report information about accounts to report it in the names of all people with a relationship to the account, including cosigners or authorized users. To help lenders identify your legal liability on all your credit accounts, credit bureaus add a code to each account, termed the ECOA code. Each credit bureau lists ECOA codes differently, but these are the basic categories:
  • Individual: You alone are legally responsible. This designation gives you a strong credit reference, assuming a good history.
  • Joint: You and someone else - often a spouse - are both legally liable. A joint account is equal to an individual account for building your credit history.
  • Co-signer, secondarily liable: You signed loan documents for someone else to help them qualify for a loan.
  • Co-signer, primarily liable: You took out an account for yourself, but someone else co-signed for the loan to ensure payment.
  • Authorized user: You can use the account and may have a card in your name, but you did not sign the application and are not legally responsible. Because you have no legal obligation, this designation does not help you get your own credit history.
  • Undesignated: No status was reported by the creditor reporting the account information
 

A or 3

Authorized user of shared account

B

Borrower is solely responsible for payment

C

Co-borrower is solely responsible for payment

I or 1

Individual account for sole use of applicant

J or 2

Joint accounts—contractual responsibility

M or 7

Co-signer primarily responsible for account

N

No-applicant spouse inquiry

P or 4

Participant in shared account, which cannot be distinguished as a "C" or "A"

S or 5

Co-signer, No spousal relationship

T

Relationship with account terminated

U or 0, 6

Undesignated