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New Requirements For Secondary Users |
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The repositories have made significant changes in the due diligence requirements regarding secondary use access to consumer credit data (also referred to as "global reissue.) Effective September 14, 2008, a Secondary Use agreement is required by the repositories (Experian, Trans Union and Equifax) prior to allowing any entity with permissible purpose access to consumer credit data as a secondary user. This specifically applies to any lenders accessing consumer credit reports originally acquired by a separate broker or lender and includes files obtained through any automated underwriting system such as Fannie Mae’s Desktop Originator®, Desktop Underwriter® and Freddie Mac Loan Prospector®. If you already have a direct relationship with Credit Technologies, the secondary use agreement is not required. All other entities wishing to access any credit file produced by Credit Technologies as a secondary user must have the Secondary Use Agreement in place to enable access. Lenders - If you do not have the secondary use agreement in place with the CRA that created the credit report, attempts by your brokers or correspondents to reissue an existing file to you through automated underwriting systems including Freddie Mac Loan Prospector® may result in an error (Click here to read the Freddie Mac Announcement) To avoid any interruption in access, please complete and return the below Secondary Use Agreement as soon as possible. Questions? - We'll be happy to assist. Give us a call at 800.445.4922 option 1, or via email. Exhibits and disclosures (for review only)
Physical Inspection Requirements - As of November 1, 2005 the repositories require all entities accessing consumer credit data first pass a physical inspection conducted by a certified third-party inspection firm. The physical inspection is required regardless of company size, years in business or location. More information is available at http://www.CreditTechnologies.com/Physical_Inspection.asp |
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