"The First Choice in Credit & Screening"

18. May 2017 18:05
by mthomas

Effective July 1 2017, Credit Bureaus will suppress most lien, judgment records from credit reports

18. May 2017 18:05 by mthomas | 0 Comments

The credit bureaus will suppress much of the lien and judgment records from the credit report which they estimate will impact 8.9% of consumer reports (19.5 million consumers).

The national BLJ (bankruptcy, lien and judgment) report identifies civil court records on individuals including bankruptcy filings, tax liens, as well as collections and judgments from more than 3,600 jurisdictions including small claims, municipal, county, state and federal courts. The report provides information on the debtor, plaintiff, amounts, dates, amendments and releases.

The report searches the national court records using the person's name (first, middle and last) to identify the number of potential records and then filters those by the persons, address, and their social security number (bankruptcy only).  Since lien and judgment records do not include the SSN, the national search with a 4-point match on name and address provides the surest way to ensure no missed records while minimizing the chance of a false positive.

In short, the new implementations, which are meant to protect consumers, mean judgements, liens, and bankruptcies might not show up on an individual's credit report if there are discrepancies in information used to identify a person. Also, these items will not show up on credit reports unless:

-Medical records have completed a 180-day waiting period to ensure all payments have been made and all insurance credits have been accounted for.

-There is consistency among the bureaus with regard to how an item is reported

-All authorized users reported by data furnishers have a date of birth included on the reporting

-The item reported, like a traffic ticket, does not include an agreement to pay (signed by the user). These items will no longer be included.

More information can be found by visiting nationalconsumerassistanceplan.com

CIC Credit will be able to provide supplemental reports (like the one included) that can be appended to all credit reports starting June 26th ahead of the July 1st change. 

12. January 2017 00:01
by mthomas

New Soft Credit Report Service!

12. January 2017 00:01 by mthomas | 0 Comments

SoftPreQual by CIC Credit
Prequalified Borrowers – No Disclosures

Get ready for SoftPreQual, the newest consumer lending offering from CIC Credit. SoftPreQual is a
prequalification tool to turn customers into borrowers faster! SoftPreQual helps you qualify more
consumers with soft inquiry credit reports and without the need for disclosures. SoftPreQual is an
easy software application for you to put on your website.

As a prequalification tool, SoftPreQual only requires name and address, so it moves consumers
quickly through the process. It is designed to target the millennial generation who does a majority of
their research and work online instead of face-to-face, the goal of which is to then feed
instantly-prequalified consumers into full loan applications.

Key Points:

  •  SoftPreQual reduces cost and brings lenders more qualified leads
  •  SoftPreQual reduces application fallout rate
  •  SoftPreQual doesn’t impact Borrower score because it uses a soft inquiry
  •  SoftPreQual requires no firm offer of credit
  •  SoftPreQual does not require declination letters or risk-based pricing notices

 Technical Description and Product Features

SoftPreQual is a simple-to-use, smart web page that lenders place on their website to turn
consumers into borrowers. When used by consumers, it orders and delivers a single-bureau
ExperianTM credit report. It posts a soft inquiry to the bureau, so the consumer score will not be
impacted. The returned credit report cannot be used as an application for credit, meaning that you
will need to order a full hard-inquiry report when the borrower is ready to fill out a full loan

The benefit is that the disclosures that you normally would need to deliver (Risk-Based Pricing
notice, Declination letter) are not required. SoftPreQual saves you the time and hassle of not having
to disclose an offer of credit when the borrower doesn’t prequalify.

  • The SoftPreQual report is only a pre-qualifying report and is not meant to be used for firm offers of credit.
  • SoftPreQual posts to ExperianTM as a soft inquiry.
  • SoftPreQual is fully private label friendly: Your brand, your name, nothing else.
  • If you have existing bureau codes, you can use your own codes, or use our solution.

Turn Consumers into Borrowers Instantly with Names Texted to Your Device

When consumers use SoftPreQual, loan officers instantly receive a text message, letting them know
that they have a lead to reach out to. Loan Officers know the borrower name, address, email and
phone number immediately. In this high-touch world of text messaging, nothing shows millennial
borrowers quality service like instant responses.

SoftPreQual can be fully private labeled with your brand, and your loan officers can create individual
pages too.

SoftPreQual Management Console

You have access to a fully-equipped management console to set up and configure the criteria exactly
how you want. The SoftPreQual management console allows you to give authorized users in your
office access to SoftPreQual. You can configure your own borrower-facing pages with custom
products, automated decision, borrower messaging, and more.

Private Branded Web Links

SoftPreQual delivers customized web links to you per user, allowing loan officers to present products
and services directly to borrowers. Loan Officers can promote their sales efforts further by putting the links to
their SoftPreQual page on local business websites such as car dealerships, home improvement
centers, realtors, and more.

Ask your CIC account executive to be setup today!
615-386-2282 or sales@ciccredit.com 

9. November 2016 21:11
by mthomas

Fannie Mae™ Day 1 Certainty™ - CIC has the products you need now!

9. November 2016 21:11 by mthomas | 0 Comments

On October 24, 2016, Fannie Mae™ announced Day 1 Certainty Initiative offering income, assets, and employment validation services to lenders through its DU system. One of the key factors of interest is Fannie Mae™ will provide relief from reps & warrants. CIC Credit is a proud reseller of AccountChek™ powered by Formfree and of The Work Number™ powered by Equifax®. CIC is also working diligently to become a provider in the program for our TaxReturnVerifications.com 4506-T IRS transcript services. Please contact your CIC Credit account representative or call 800-352-5882 to learn how to use your existing provider with the new Fannie Mae™ program.

20. August 2016 02:08
by mthomas

Temporary SSA-89 agent name change

20. August 2016 02:08 by mthomas | 0 Comments

Starting Saturday, August 27th, 2016 you must use a new temporary agent name on your form SSA-89.

 Old agent name:

 Martin Information & Investigations LLC dba USinfosearch.com;

5330 East Main Street Ste# 101b Columbus, OH 43213



Computer Information Development, 713 W Duarte Rd #106, Arcadia, CA 91007

 This change is temporary, as our volume will exceed Martin's allotment of SSN verifications provided by the SSA under their CBSV program and they are unable to provide Martin with more until October 1, 2016. We fully appreciate this type of change can be disruptive to your business, but we have exhausted all options to convince the SSA to allow Martin more SSN verifications before October 1. This issue is a one-time problem as our allotment going forward has greatly increased.


Starting on August 27th if your form SSA-89 shows the agent name Martin Information & Investigations, we will reply with an error message requiring you to submit a new form with the agent name Computer Information Development, before we can process your order.

Please do not use the temporary agent name before August 27th or after September 30th.


The return time of your form SSA-89 orders may be a little longer, but we will strive to continue to return your SSN verifications as soon as they are available. Thank you for your continued business, and again, we apologize for the inconvenience.

 For further information, please contact your CIC account executive.


19. August 2016 08:08
by mthomas

MLA - Military Lending Act Solutions

19. August 2016 08:08 by mthomas | 0 Comments

Time to brush off those compliance plans and ensure you are prepared for the new regulations, specifically surrounding the Military Lending Act (MLA).


Last July, the Department of Defense (DOD) published a Final Rule to amend its regulation implementing the Military Lending Act, significantly expanding the scope of the existing protections. The new, beefed-up version encompasses new types of creditors and credit products, including credit cards. While the DOD was responsible for implementing the rule, enforcement will be led by the Consumer Financial Protection Bureau (CFPB).


The new rule took effect on October 1, 2015, and compliance is required by October 3, 2016. Compliance, however, with the rules for credit cards is delayed until October 3, 2017.


While there is no formal guidance yet on what federal regulators will look for in reviewing MLA compliance, there are some insights on the law and what’s coming.


Why was MLA enacted?


It was created to provide service members and their dependents with specific protections. As initially implemented in 2007, the law:


  • Limited the APR (including fees) for covered products to 36 percent;
  • Required military-specific disclosures, and;
  • Prohibited creditors from requiring a service member to submit to arbitration in the event of a dispute.
  • It initially applied to three narrowly-defined “consumer credit” products:


Closed-end payday loans;

Closed-end auto title loans; and

Closed-end tax refund anticipation loans.

What are the latest regulations being applied to the original MLA implemented in 2007?


The new rule expands the definition of “consumer credit” covered by the regulation to more closely align with the definition of credit in the Truth in Lending Act and Regulation Z. This means MLA now covers a wide range of credit transactions, but it does not apply to residential mortgages and credit secured by personal property, such as vehicle purchase loans.


One of the most significant changes is the addition of fees paid “for a credit-related ancillary product sold in connection with the credit transaction.”  Although the MAPR limit is 36 percent, ancillary product fees can add up and — especially for accounts that carry a low balance — can quickly exceed the MAPR limit.


The final rule also includes a “safe harbor” from liability for lenders who verify the MLA status of a consumer.


Under the new DOD rule, lenders will have to check each credit applicant to confirm that they are not a service member, spouse, or the dependent of a service member, through a nationwide CRA or the DOD’s database, known as the DMDC.


If you have inquiries about the new Military Lending Act regulations, feel free to email sales@ciccredit.com or contact your CIC CREDIT Account Executive directly.