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Credit Plus Launches Undisclosed Debt Monitoring Powered by Equifax

July 31, 2012

Salisbury, Md., July 31, 2012 – Credit Plus, Inc., a leader in the credit information industry since 1928, announces it is now offering a new mortgage fraud prevention tool called Undisclosed Debt MonitoringTM powered by Equifax. Developed to help lenders meet Fannie Mae’s Loan Quality Initiative recommendations and check borrower credit activity during the processing of a mortgage, it offers users continuous monitoring and daily proactive alerts on potential risks.

“We are always looking for ways to enhance our credit tools and are excited to be one of the only companies in the industry authorized to provide this service,” said Greg Holmes, National Director of Sales and Marketing for Credit Plus.

One of the major benefits of this mortgage fraud prevention tool is pipeline protection. Loan officers are notified when mortgage inquiries occur on their borrowers’ accounts alerting them to rate shopping, undisclosed mortgage loans and possible fraud. This feature enables lenders to proactively work with borrowers throughout the mortgage process and reduce loan fallout.

Monitor credit activity during the processing of a mortgage

Credit Plus customers will now be able to continuously monitor borrower credit activity during the “quiet period” between the time of the original credit file pull and the closing of the loan by utilizing Undisclosed Debt Monitoring powered by Equifax. Other features include:

  • Activity alerts for credit inquiries, tradelines and secondary re-issues
  • One comprehensive, user-friendly report for all borrower related information
  • Streamlined integration for ordering results

Protection against buybacks

Users of Undisclosed Debt Monitoring powered by Equifax also have access to an exclusive insurance program backed by A-rated carriers and offered through Arthur J. Gallagher Risk Management Services, Inc. It protects lenders against buyback or repurchase losses associated with undetected liabilities or borrower misrepresentation resulting from hidden debt.

“Transparency is imperative to the loan process and many lenders simply do not have the tools in place to effectively monitor borrower activity once the original credit file pull occurs,” said Holmes. “Our customers who utilize this service will now be better prepared to communicate with borrowers regarding specific activities detected during the mortgage process, increase their operational efficiency, and significantly reduce the costs associated with repurchasing loans.”

Please contact Credit Plus for more information about Undisclosed Debt Monitoring powered by Equifax. Call 800-258-3488 or email beyondbundled@creditplus.com.

About Credit Plus, Inc.

Credit Plus, Inc., a leader in credit information services, is dedicated to providing mortgage professionals with an unsurpassed level of service and technology. Headquartered in Salisbury, Md., the company provides quality products and services to a variety of clients nationwide.

Credit Plus provides lenders and brokers the best tools and support to close more loans faster and cheaper.

It goes BEYOND BUNDLEDTM by combining key services, such as credit reports, flood reports, title services, AVMs, Warranted AVMs, tax return verifications and more, with stellar customer service.

For more information, please call Credit Plus at 800-258-3488, email beyondbundled@creditplus.com or visit the company’s website at www.creditplus.com.

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