Credit Report Training 2024.pptx

Alliance Catholic Credit Union Credit Report Training Created by Mike Smith  What is a Credit Report? A credit report is a summary of your financial history. Potential lenders will use your credit report to help them evaluate whether you are a good credit risk.  Cred...

Alliance Catholic Credit Union Credit Report Training Created by Mike Smith  What is a Credit Report? A credit report is a summary of your financial history. Potential lenders will use your credit report to help them evaluate whether you are a good credit risk.  Credit Agencies 1.Experian (We use) 2.Equifax 3.Transunion  ECOA Codes  PET (Petitioned) currently in active bankruptcy program.  If it shows PET, we do not lend.  DISC(Discharged) Completed Program.  We can lend!  DISM (Dismissed) and it means they did not complete the bankruptcy program.  We can lend!  Viewing Credit Report HTML VS SymForm HTML: Displays credit report on one page SymForm: Displays credit report on multiple pages Viewing Credit Report Date- Date credit was pulled 765- Experian score 0257- (Bankruptcy)- the higher the score, trending towards BK. Year of Birth  Confirm that the credit profile matches the age 1- shows individual 2- shows if the member is joint Creditor – Open date- Limit – Highest they’ve gone  Fraud Alerts What To Do Verify member by asking several questions specific to their credit history. Include in account/loan notes if you verified member, and how, including the questions you asked.  Frozen Credit Report What To Do Member needs to call Experian to unlock their credit report for ‘file frozen. (it is normally unlocked for 24 hours) After unfrozen, the MSR can re-pull credit  No Credit Report Example Questions To Ask 1. When we pulled your credit, we are finding no credit history. Does this seem right to you? If they say yes, ask them what made them want to apply for credit today? The more information we can gather on someone's credit background  Unverified SSN What To Do ke a copy of their Social Security Card hey are here on a work visa, we need work authorization documents sure to add notes to the account/loan notes that you have scanned in copy of card and why  Hard Pull VS. Soft Hard Pull are only for Loan Applications Pull Soft Pulls are only for Account Opening- Does not count as an inquiry QUESTIONS