Overview
Order Credco® credit reports to evaluate your borrower’s creditworthiness and assess potential risk. Quickly select your borrowers, choose a credit product and submit your request in just a few clicks.
Use this workflow to order the following credit products:
Instant Merge
Instant Merge is a hard inquiry report that allows you to combine credit data from one, two, or all three national credit bureaus (Equifax, Experian, and TransUnion) into a single, easy-to-read report. This report is suitable for most lending scenarios and is commonly used during the underwriting stage of loan fulfillment.
Prequal
Prequal is a soft inquiry report that allows you to perform an initial, non-decisionable credit check for prequalification without impacting the consumer’s credit score. With proper authorization, use this report to help your borrowers understand their credit standing and explore loan options. It is commonly used during the application stage of the loan process.
Preapproval
Preapproval is a soft-inquiry credit report that enables lenders to assess a borrower’s eligibility without impacting the consumer’s credit score. This report is obtained under the permissible purpose of "extension of credit" and may be used for loan decisioning purposes.
Home Equity
Home Equity is a hard inquiry report that allows you to evaluate borrower eligibility for Home Equity Loans or Home Equity Lines of Credit (HELOCs). This report assesses eligibility against bureau products based on the needs of private investors and is commonly used during the underwriting stage of loan fulfillment.
Instant Merge Limited
Instant Merge Limited is a specialized credit report that aggregates mortgage-related data from the national credit bureaus. It can be configured as a mortgage-only report, with or without credit scores, and is typically used during the underwriting process.
Order credit reports
From the left navigation menu, click New Order.
Tip: You can also click Create New Order in the upper-right corner of the screen.
From the Product section, click Credit.
Select a product from the Credit Products list.
Click Done.
Select a Report Language, either English (default) or Spanish.
Select a Report Source.
Repositories (default) uses your organization's predefined bureau selections for the report.
Bureaus lets you choose the bureaus to include. Select All to include Equifax, Experian, and TransUnion, or select individual bureaus as needed.
Select an Application Type, either Individual or Joint.
Enter your Loan Number.
Complete the Applicant and Co-Applicant section as applicable. Fields marked with a red asterisk (*) are required.
Last Name*
First Name*
Middle Name
Suffix
SSN*
Date of Birth
Email
Enter the Current Address for each applicant. Fields marked with a red asterisk (*) are required.
Tips:
Use the Address Type dropdown menu to change the address format type. Options include Normal, P.O. Box, Rural Route or Military. For military addresses, refer to the Entering Military Addresses.
Clear the Co-Applicant has same current address as Applicant checkbox to enter a different current address for the Co-Applicant.
If applicable, select the Previous Address tab, then enter the previous address for each applicant.
Tip: Clear the Co-Applicant has same previous address as Applicant checkbox to enter a different previous address for the Co-Applicant.
If applicable, select the Mailing Address tab, then enter a mailing address for each applicant if it differs from the Current Address.
Tip: Clear the Co-Applicant has same mailing address as Applicant checkbox to enter a different mailing address for the Co-Applicant.
If any applicant has a frozen credit file and has provided a file freeze PIN, expand the Additional Information section, enter the PIN for each applicable bureau, and select the acknowledgment checkbox.
Use the Notes field to enter any additional information.
Note: Information entered in the Notes field will appear in the credit report header.
Optionally, to pay by credit card, select Use a Credit Card for this Transaction and complete the payment information.
Click Review Order Summary to review the order details before submitting your order.
Click Submit Order to place the order, or click Cancel to exit without submitting.
Tip: You can also use the Your Order panel on the right to review your order summary, and submit or cancel the order.
Outcome
You can order and review Instant Merge credit reports to evaluate borrower creditworthiness and assess potential risk.