Undisclosed Debt Verifications and Unfreezing Credit

What you need to know

In 2016, data breaches were reported to have increased by 40%.1 Then last year, Equifax announced major data breach – more than 145 million Americans were possibly impacted and due to the sensitivity of the data stolen, it is considered one of the greatest breaches ever.

As more and more information is stored online, the greater the chances for data breaches to occur. One way consumers are protecting themselves is by freezing their credit – something you might be seeing more and more of.

However, when a consumer applies for a mortgage loan, their credit must be unfrozen. And when this happens, someone could theoretically steal their identity. This is why Credit Plus recommends adding Undisclosed Debt Verifications (UDV) to your loan approval process. When you order UDVs, you will be notified of ANY activity on your applicants’ accounts, giving them – and you – added peace of mind. UDVs provide real-time monitoring of all activity from initial credit file pull through loan closing:

  • New tradelines
  • New inquiries
  • New secondary reissues
  • New bankruptcies, judgments, liens
  • New collections
  • New late payments (30-60-90-120 days)
  • Payment and balance changes on existing tradelines

For more information about UDVs, click here, or contact your Credit Plus representative.

  1. https://www.identityforce.com/blog/2017-data-breaches

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