Web Credit System CREDITXPERT

Transcription

13030 Euclid Street
Garden Grove, CA 92843
T: 800-473-4633
F: 714-636-2510
www.informativeresearch.com
IR11.9.15
CREDITXPERT
Web Credit System
WCS – CreditXpert
TABLE OF CONTENTS
OVERVIEW ................................................................................................................................................................ 3
CREDIT ASSURE COLUMN HEADINGS ....................................................................................................................... 5
SIMULATION WITH THE ESSENTIALS PRODUCT ....................................................................................................... 6
SIMULATING WITH THE ESSENTIALS PRODUCT (continued) ................................................................................ 7
CREDITXPERT ESSENTIALS REPORT....................................................................................................................... 8
CREDITXPERT ESSENTIAL REPORT (continued)..................................................................................................... 9
CREDITXPERT ESSENTIALS REPORTS (continued) ............................................................................................... 10
USING “WHAT-IF” SIMULATOR .............................................................................................................................. 11
THE ACTION INTERFACE (WHAT-IF SIMULATOR) ................................................................................................... 12
SIMULATION FIELDS ........................................................................................................................................... 13
SIMULATION FIELDS (continued) ........................................................................................................................ 14
DISPUTE REMOVAL ............................................................................................................................................. 15
DISPUTE REMOVAL (continued) ......................................................................................................................... 16
DISPUTE REMOVAL (continued) ......................................................................................................................... 17
APPENDIX A: PAID RESCORING & APPENDIX B: DATE PARAMETERS .................................................................... 18
APPENDIX C: SOME SUGGESTED SIMULATIONS..................................................................................................... 19
APPENDIX C: SUGGESTED SIMULATIONS (continued)............................................................................................ 20
APPENDIX C: SUGGESTED SIMULATIONS (continued)............................................................................................ 21
For additional assistance, please contact Informative Research’s Technical Support Team at (800) 473-4633 or
HelpDesk@InformativeResearch.com.
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WCS – CreditXpert
OVERVIEW
The CreditXpert suite of products allows you to explore how various actions may impact a borrower's credit scores.
You can act on the suggestions offered by the automated products, Credit Assure and Credit Essentials. Or, you
can experiment with applying for credit, making payments, opening or closing accounts, transferring balances and
more using the What-If Simulator. This can help you determine what actions a borrower might try to improve their
credit scores.
Note: This is a permissions based option.
You will only be able to use the CreditXpert products if it has been added to your current Role.
See your company's administrator about adding this option.
Credit Assure automatically scans every credit report for opportunities to
optimize a borrower's credit scores. Any potential score improvements found are conveniently placed on the cover
page of every credit report. This product is only available for Adobe PDF documents. You will not see Credit Assure
information on a Plain Text Credit Report.
CreditXpert Essentials identifies a list of specific credit improvement
opportunities and uncovers your borrower's credit potential. It will find the most cost-efficient actions to take by
highlighting top positive and negative score factors and related tradelines. And it provides a detailed credit
analysis for understanding factors that may be affecting a credit score.
The CreditXpert What-If Simulator™ allows you to explore how various actions
may impact your credit scores. You can experiment with applying for credit, making payments, opening or closing
accounts, transferring balances, removing disputes and more. Or experiment with actions identified in CreditXpert
Essentials. This can help you determine whether or not a borrower should try these actions.
The CreditXpert What-If Simulator™ does not change credit scores or the
information in a credit report; it only simulates a range of actions that could
be taken on credit accounts.
After using these products to determine the best way to improve scores, always be sure to ask the borrower to
take actions exactly as presented.
Once you order a Credit Essentials or What-If-Simulator product on a credit report, you will have up to 30 days to
do more simulations with that product, without further charges. Simulations cannot be run on a credit report that
is over 30 days old.
Clicking on this symbol
about the item.
when it appears next to an item will open a window to display a brief description
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WCS – CreditXpert
Credit Assure automatically scans every credit report for opportunities to optimize a borrower's credit scores. You
can view the Credit Assure results using either of two methods:
1) Open a credit report (in PDF format) and view the Credit Assure results.
If you want to see how to improve a score, based on a potential improvement suggested here, just click on the
link.
2) Select a credit report on the list, and then select View Credit Assure Results from the CreditXpert Tasks box on
the left.
Either method will take you to the Credit Assure screen allowing you to view the results and/or select a simulation
mode from the CreditXpert box on the left.
The Credit Assure screen shows you the borrower (and co-borrower for a joint file) for the report, plus the potential
score improvement for each borrower for each bureau.
NOTE:
If you click on a link from the report list for an order that did not return any Credit Assure results, you will see a
message similar to this:
No Credit Assure results found for the Order 1234567890PQ.
To order a simulation to discover actions that can help achieve an improved score, view previous orders, return to
the report list or get some help, click on one of the links on the left side of the screen.
•
•
•
•
Return to the report list to view a different order.
Order a CreditXpert Essentials simulation.
Order a CreditXpert What-If Simulator simulation.
View some frequently asked questions about the use of the CreditXpert products.
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WCS – CreditXpert
CREDIT ASSURE COLUMN HEADINGS
Bureau
Score
Opportunity
Actions
Available Cash
Timeframe
Type
Credit repository furnishing the consumers credit file.
The score returned by the bureau on the borrower or co-borrower's credit file.
Number of additional credit score points that could be achieved by following through with
suggested actions. +OK means no opportunities have been found using the current
settings.
Number of credit maximization opportunities found in the consumers credit file.
Amount of money a borrower could apply toward maximizing the credit score (default
displayed).
Indicates whether the possible opportunities discovered could be achieved within a period
less than 30 days (Immediate) or greater than 30 days (Planning).
The type of opportunity the system has found to increase the credit score.
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WCS – CreditXpert
SIMULATION WITH THE ESSENTIALS PRODUCT
When you click on the Credit Essentials link you are directed to the CreditXpert Essentials main menu. Credit Essentials
will allow you to see if you might be able to achieve a specific score improvement. Or to see how much cash would be
needed to archive any score improvement at all.
Just below the borrower information are a Score Points field and an Available Cash field.
Score Points
Available Cash
Enter the number of points you would like to try to improve this score by.
Enter the amount of cash available to apply to improve the scores.
You must select one of these and enter either the Score Points or the Available Cash amount in the box provided.
However, you can NOT use both for the same simulation.
Make a selection to indicate the timeframe for any potential improvements.
Immediate
The default setting. It is used to view actions/results that may impact your borrower’s credit report in a
short period of time. Once a borrower has implemented the suggested actions as indicated, you would
pull a new credit report within 3-7 days to see improvements.
Planning
Used to view long-term actions/results that may impact your borrower's credit report. Use this mode for
borrowers that have enough credit points but wish to improve their score in the long term.
Once a borrower has implemented the suggested actions as indicated, you would pull a new credit report within 4-6
weeks to see improvements.
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WCS – CreditXpert
Next you would select each borrower and bureau that you would like to include in the simulation.
If the credit report is a joint report, you will see a borrower section and a co-borrower section.
You may select as many bureau/borrower combinations as you wish for a simulation.
Remember that there is a separate cost associated with each bureau/borrower selected.
Example:
The prices in the picture shown above are not actual prices.
However, in this example, if all three bureaus were selected for this borrower, the cost would $5.50 + $5.50 +
$5.50 -or- $16.50 to simulate all three at once.
Description of the Columns
Select the Borrower and the Bureau that you would like to simulate credit changes for.
Bureau
Cost
Cost for a 30-day simulation period for the selected Bureau/Borrower.
Charges To-Date
This will be $0.00 if you have not used the simulator for the Borrower/Bureau selected. This
will add the amount in the cost column after you click the <Order> button to start simulating
changes for this Borrower/Bureau.
Once you have started a simulation, you can simulate as much as you wish until the
Days Remaining column equals 0.
Days Remaining
Shows the days remaining before the simulation period ends.
Prior to using CreditXpert Essentials for the first time, you will need to click the box indicating that you have read and
understand the End User License Agreement.
Once you are ready to start a CreditXpert Essentials simulation, click on the
button.
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WCS – CreditXpert
CREDITXPERT ESSENTIALS REPORT
The Essentials report opens in the Advisor view. This is the information for your use when advising a borrower on how to
improve their credit score.
There is also a link at the top of the screen to allow you to open the Applicant view - the copy that you can share with the
borrower. This view explains the borrower's current credit scores and recommendations for achieving the potential
improvement.
At the top of either report, you will see the Mode, Report Date and Disposable Cash information for the selected bureau.
If you have ordered a simulation including more than one bureau/borrower combination, you will see buttons above the
report to allow you to switch between the different bureau/borrower result sets.
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WCS – CreditXpert
There is a Summary section at the top showing the score improvement (if any) and some bullet points regarding the
findings.
If you see a link titled [More] to the right of any bullet-pointed item, click on the link to see a further description of that
item. If you wish, you may click on the word [Less] to close it after you are done reading it.
There will also be a small chart displayed here to let you know how the
borrower's score measures up in relation to the rest of the U.S.
population.
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WCS – CreditXpert
If there is a potential score improvement, the Actions section will let you know how much (if any) disposable cash your
borrower would need to achieve the potential score. And there will be a section to explain what actions should be taken
(listed in order of how they should be executed).
There will also be Notes explaining what credit problems the actions are
addressing.
The note items are bullet-pointed items with a [More] link to the right of
each point that has a further description.
There is a Credit Analysis section which explains how items such as payment history, credit usage, etc. have added a
Negative or Positive factor to the borrower’s credit accounts.
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WCS – CreditXpert
“WHAT-IF” SIMULATOR
When you click on the What-If Simulator link you are directed to the CreditXpert What-If Simulator main menu.
Select one bureau/borrower for the simulation.
If you are using a joint credit report, there will be one section like the one above for each applicant.
Description of the Columns
Select the Borrower and the Bureau that you would like to simulate credit changes for.
Bureau
Cost for a simulation for the Days Remaining for the selected Bureau/Borrower.
Cost
This will be $0.00 if you have not used the simulator for the Borrower/Bureau selected. This
Charges To-Date
will add the amount in the cost column after you click the <Order> button to start simulating
changes for this Borrower/ Bureau.
Days Remaining
Once you have started a simulation, you can simulate as much as you wish until the Days
Remaining equals 0.
Shows the days remaining before the report expire.
Prior to using What-If Simulator for the first time, you will need to click the box indicating that you have read and
understand the End User License Agreement.
Once you are ready to start a What-If Simulator simulation, click on the
button.
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WCS – CreditXpert
The What-If Simulator allows you to explore how various actions may impact your credit scores.
Trades, Public Records, Collections, and Other kinds of accounts will be listed first, followed by Inquiries at the bottom of
the screen. Each trade in the list will display the account number, balance, status and type for the account.
Please note that for simulation purposes, Public Records can only be deleted - not closed or paid.
Collections can be shown as paid by changing the payment down to 0. You would also need to change the current status
from Collections to Paid Derogatory.
You may also see what would happen if you added a new account or an additional inquiry.
In order to simulate adding a new account the Timeframe will have to be changed from “Immediate” (default timeframe)
to at least “1 month”. The actions would be simulated to take place or begin in the month following the date of the credit
report.
Click the "Open a new account" link to simulate adding an account:
• New account type: Select an Account type (credit card, mortgage, auto, student loan, etc.).
• Credit limit / Loan amount: Enter an amount in this field.
• Starting balance: Enter the loan amount or starting balance on the new account
When you add a new account the simulation will take into consideration that a new inquiry was made on the file.
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WCS – CreditXpert
Working on the existing list items
Accounts:
•
•
Changes on the accounts will take effect immediately and the Forecasted Score will be shown on the top of the
screen.
All changes made will be shown on the right side of the screen under the
button.
o To remove one of the changes made, simply click on the red X on the left side of the change
description:
•
To erase your all the changes and start over, click the
button.
Simulation Fields for an open tradeline
Account:
Opened:
High Credit:
Balance:
Type:
Status:
Shows the name of the account and the last 4 digits of the account number
Shows the month and year the account was opened. This item cannot be changed.
Shows the amount of credit issued to this account.
The current balance amount.
Shows the account type (mortgage, installment, credit card, etc). This field cannot be changed.
Shows the current payment status of the account (Paid As Agreed, Collections, Late 30 Days,
In Collection, Bankruptcy, etc.
To simulate closing an account, click on the “Close” link shown on the right side of the account.
To simulate deleting an account, click on the
shown on the left side of the account.
Simulation Fields for a closed tradeline.
The only action available for closed tradelines is to remove them from the credit report. To do so, click on the
on the left side of the account information.
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WCS – CreditXpert
Simulation Fields for a tradeline with Late Payments.
If an account has Late Payments the
reveal the Late Payment simulation options.
link will be shown below the account status. Click on this link to
The user will be able to see the Worst status in the last 7 years and all late payments in the last 25 months.
To simulate the removal of a late (or the worst status), the user will click on the
respective late or worst status. The Score forecast will update as the selections are made.
option associated to the
Inquiries
The inquiries will be shown below the list of accounts. Click on the
link to reveal available inquiries.
The only action available for inquiries is to remove them from the credit report. To do so, click on the
left side of the Inquiry.
shown on the
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WCS – CreditXpert
Dispute Comments Removal Feature
This new feature is used to assess if removing a dispute comment on a consumer credit report will have an impact on
the score. This new tool allows loan officers to view the effect of removing the dispute comment on a borrower/coborrowers credit rating.
In this screen – hover over the item in ‘dispute’ and click ‘Remove Dispute’.
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WCS – CreditXpert
Once you click on the ‘Remove Dispute’ box. The system will update and will remove the disputed item which will
generate a forecasted score located on top of the screen as shown below.
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WCS – CreditXpert
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WCS – CreditXpert
APPENDIX A: NOTES REGARDING PAID RESCORING
Rapid rescoring is a means of quickly updating credit report information during the loan application process. If a broker
or loan officer uses rapid rescoring services, they can arrange for changes to be posted to a borrower’s credit report
within a short timeframe, usually 72 hours. Rapid rescoring can help by either correcting errors or updating out-of-date
information.
Effects on Simulation
When the timeframe selected is not “Immediate”, the passage of at least one month's time is an automatic part of each
custom scenario because in order to see a score change you must normally wait a month for the new information to be
reported to the credit bureau.
However, when the timeframe “Immediate” is selected, it turns off the passage of time so that you can see the effect of
immediately correcting errors or updating out-of-date values. The actions available to you in the two modes are different
because some changes can only be made by waiting for new information to be reported.
Both modes allow correcting information that is wrong on the credit report. When Rapid Rescoring Mode is not selected,
we assume that the corrections are made as a result of the consumer disputing the information with the credit bureau.
Actions to open new accounts, add inquiries, or see the effect of changing information in the future do not appear in
Rapid Rescoring Mode. Actions to update out-of-date information appear in Rapid Rescoring Mode for all fields, but do
not appear for balance and payment status when Rapid Rescoring Mode is not selected. This is because after the
passage of one month's time, new information for these fields should be reported that will supersede the updated
information.
APPENDIX B: NOTES REGARDING DATE PARAMETERS
Actions are simulated to take place as of today's date by default, but for some actions you can change this to any date
on or after the credit report date. The date determines the month and year when the action is simulated (or begins to be
simulated, for actions that span multiple months). The date must be in MM/YYYY format.
When changing the payment status of an account to a bankruptcy status (chapter 7 or chapter 13), you must specify the
date of discharge for the bankruptcy. In Rapid Rescoring Mode, the date of discharge must be no later than the credit
report date.
Actions will be re-arranged before being simulated. Actions that involve correcting wrong information or updating out-ofdate information are simulated first. Following that, actions are typically simulated in chronological order based on their
start date.
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WCS – CreditXpert
APPENDIX C: SOME SUGGESTED SIMULATIONS
Here are some actions you may want to simulate:
Changes to balances
Paying off the past due balances of past due accounts
• Reduce the Balance value by the past due amount
Paying down balances on revolving accounts to a small amount (such as $10), especially on revolving accounts
with past due balances or those that have a balance greater than half of the credit limit - if this does not help, you can
try paying off the balance completely
• Change the Balance value to $10
Updating the balance for accounts for which the balance has not been reported in more than 30 days and is now lower
than it was when last reported
• Change the Balance value to the correct amount
Correcting a balance that is wrong on the credit report
• Change the Balance value to the correct amount
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WCS – CreditXpert
APPENDIX C: SUGGESTED SIMULATIONS (continued)
Charging a small balance to an open revolving account with a zero balance, if you have any
Select any timeframe other than “Immediate”
• Change the Balance value to a small amount such as $10.
Select the Intent: Pay down or increase the balance (after the credit report date)
• If you are not in Rapid Rescoring Mode and you want to try this balance change in a future month, change the
Date
Changes to payment statuses
Correcting the payment status of accounts that should have been included in a chapter 7 bankruptcy but were never
marked that way.
• Change the Payment status to “Chapter 7 bankruptcy”
Removing the most recent (across all accounts) delinquency if it is incorrect or can be removed via a goodwill
adjustment
• If removing all delinquent statuses from the history of the account, change the Worst status to "Paid as agreed,"
--OR-• If removing only the most recent delinquent status, that occurred the last time the account was reported,
change the Payment status to "Paid as agreed,"
Removing a 90-day or worse delinquency, if it is incorrect and the only one in the whole file (or if you can remove all of
them)
• If removing all delinquent statuses from the history of the account, change the Worst status to "Paid as agreed,"
--OR-• If the 90 day or worse payment status occurred only the last time the account was reported, change the
Payment status to "Paid as agreed"
Changes to collections and public records
Deleting the most recently added collection or public record if it is incorrect
•
Click on the
on the left side of the account information.
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WCS – CreditXpert
APPENDIX C: SUGGESTED SIMULATIONS (continued)
Updating the most recently added lawsuit/judgment as vacated or dismissed if its status has changed since it was last
reported
• Change the Public Record Status to "Dismissed" or "Judgment vacated"
Changes to available credit
Opening a new revolving account
• Click on Add new account
• Select "credit card," "charge card," or, "other revolving" from the new account type drop-down menu
• Enter a credit limit amount
Getting a credit limit increase on an open revolving account, so that the credit limit becomes at least twice the balance
• Select a revolving account that is open
• Change the high credit amount to be at least twice as much as the balance
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Web Credit System CREDITXPERT

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