Network Credit continues to provide new solutions for our mortgage customers to help them close more loans. We have now partnered with SearchMyLoan to offer our customers the ability to access this powerful loan search engine.
Secondary Use in the mortgage lending industry refers to the process when a credit report, in part or in its entirety, is provided to another entity or entities as part of the lending process.
What is the purpose of Secondary Use?
TransUnion, Equifax and Experian created these policies to address issues regarding FCRA and data security and also to provide to consumers an accurate list of entities that have viewed their credit information.
Does that mean my borrower’s score will go down due to additional inquiries?
The answer is no for two reasons. First, these Secondary Use inquiries are considered “soft” inquiries which means that they do not impact the score and will only appear when the consumer orders their own personal credit report. Second, credit is not reaccessed when reports are reissued to a lender so credit scores will not change.
How do I know how much I was charged for Secondary Use?
Before closing a loan, click on the BILLING TAB in our website (www.networkcredit.com or www.xpertonline.net) to track all charges incurred on a credit report. It is important to understand that secondary use charges are not posted immediately after a report has been reissued to a lender.
How much are Secondary Use fees?
$3.50 for an Individual Trimerge Report
$7.00 for a Joint Trimerge Report
Do other CRAs charge this fee?
Since this is a fee charged to all credit reporting agencies from TransUnion, Equifax and Experian, you can be assured that all companies will be passing along this fee.
I have heard the term Joint Use – is that the same?
No – Secondary Use and Joint Use are very different. Joint Use occurs when credit data is reissued to a GSE (Government Sponsored Enterprise) that share consumer reports with others that are jointly involved in decisions. Examples of this would be Fannie Mae and Freddie Mac. Soon Joint Use will also be reported to the bureaus but we do not believe there will be costs to you associated with Joint Use.
Am I allowed to pass this cost along to the borrower?
Absolutely.
For additional questions, please contact your Account Executive or send an email to
.
Network Credit Services recently held a popular webinar to show our clients how to use scoring tools to close more loans. Did you miss it? Would you like to see it again? Click the icon to view the short webinar and then contact us to start closing more loans today! Call us at 1-800-300-2801
Important Reminder
As we notified you back in December, 2006, Network Credit Services has been acquired by San Antonio Retail Merchants Association (“SARMA”).
We would like to update you on an important billing process related to the services you receive from Network Credit Services and SARMA.
If you elect to pay your invoices by Credit Card, the charge on your credit card billing statement that you receive from MC, VISA, or American Express will read:
SARMA
or SARMA/Network Credit Services
If you have any questions regarding this matter, please do not hesitate to contact us at
1-800-300-2801.
Accurate and Reliable
Network Credit is committed to providing our Clients with excellent service along with accurate, reliable information which gives us a sense of pride. Throughout the nation we provide our Clients with a broad-range of information products and services while managing to remain one of the few credit reporting agencies that does not require any signup, monthly, or annual fees. Glance below at some of our products and services or click here to see all we offer.
Our state-of-the-art technology allows you to interface with dozens of LOS packages
24-hour bureau access to all repository sources
We customize reports to our Client's specifications
Fannie Mae & Freddie Mac reissues
Updates, investigations, and verifications available on all infiles and reports
Pick & choose from any one, two, or all three main repositories (Equifax, Trans Union, and Experian)
Flood Search Certification services
Re-Scoring services to aid in improving scores within 72-96 hours
Full RMCR's (Residential Mortgage Credit Report)
CreditXpert technology, which personalizes an Applicant’s credit report for a better understanding of their potential to improve their credit scores
