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.
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.
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.
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
Follow these steps to order credit reports on Encompass® Web.
Sign in to Encompass® Web using your credentials.
From your Pipeline, select the appropriate loan from the list.
In the left navigation bar, select Services, then choose All Services from the menu.
On the All Services page, click Order Service.
In the Order Service popup, select Credit under Categories, then choose Cotality Credco from the Providers list.
Click Next.
Click New Order.
Confirm the details in the Loan Information section. If multiple borrowers are on the loan, you can make a selection from the Borrowers dropdown menu.
Confirm the Account associated with your order.
Note: If only one account is assigned to your user profile, it will display as a read-only field. If multiple accounts are available, use the dropdown to select the appropriate account.
From the Request Type dropdown menu, select New Request.
From the Product dropdown, select the appropriate product from the list.
Select the applicable Bureaus by checking the appropriate box(es).
Select the Report Language.
From the Report On section, select Individual or Joint using the appropriate radio button.
Note: For orders with two borrowers, selecting Individual will pull the credit report for the first borrower listed on the loan.
Confirm your import selections:
Select Auto-Import Liabilities to automatically import liabilities into your Encompass loan file (or uncheck it to prevent the liabilities from importing).
Select Exclude Zero Balance to exclude zero balance accounts (or uncheck it to include zero-balance accounts in your import to Encompass).
Note: The Auto-Import Liabilities and Exclude Zero Balance options are not available for Prequal, Home Equity, Preapproval, or Instant Merge Limited orders.
Review the Application Information section. Observe that the Borrower fields are grayed out and locked from editing.
Note: If any of the borrower information is incorrect, exit the application, update the details in your Encompass loan file, and then return to the Credco application to submit your order.
Review and confirm the Current Address and update it if needed.
Tip: Select Normal Address to change the address format type. Options include Normal, PO Box, Rural Route, or Military. For military addresses, refer to the Entering Military Addresses article.
Confirm or enter the Previous Address and Mailing Address.
Select +Add Previous Address.
Select +Add Mailing Address.
If your borrower provided a file freeze PIN to access a frozen credit report, expand and complete the File Freeze PIN section for each applicable bureau, and select the acknowledgement checkbox.
Enter any comments or notes in the Notes field.
Note: Comments or notes entered here will appear in the header of your credit report.
Select Submit Order to complete the process. The Order Summary page displays with your completed report.
Note: A copy of the credit report will also populate to your Encompass eFolder.
Follow these steps to order credit reports on Encompass® Desktop.
Sign in to Encompass® Desktop using your credentials.
From your Pipeline, select the appropriate loan from the list.
In the left navigation bar, select Services, then choose Order Credit Report from the menu.
On the Credit Report popup, select Cotality Credco.
Click Submit.
Click New Order.
Confirm the details in the Loan Information section. If multiple borrowers are on the loan, you can make a selection from the Borrowers dropdown menu.
Confirm the Account associated with your order.
Note: If only one account is assigned to your user profile, it will display as a read-only field. If multiple accounts are available, use the dropdown to select the appropriate account.
From the Request Type dropdown menu, select New Request.
From the Product dropdown, select the appropriate product from the list.
Select the applicable Bureaus by checking the appropriate box(es).
Select the Report Language.
From the Report On section, select Individual or Joint using the appropriate radio button.
Note: For orders with two borrowers, selecting Individual will pull the credit report for the first borrower listed on the loan.
Confirm your import selections:
Select Auto-Import Liabilities to automatically import liabilities into your Encompass loan file (or uncheck it to prevent the liabilities from importing).
Select Exclude Zero Balance to exclude zero-balance accounts (or uncheck it to include zero-balance accounts in your import to Encompass).
Note: The Auto-Import Liabilities and Exclude Zero Balance options are not available for Prequal, Home Equity, Preapproval, or Instant Merge Limited orders.
Review the Application Information section. Observe that the Borrower fields are grayed out and locked from editing.
Note: If any of the borrower information is incorrect, exit the application, update the details in your Encompass loan file, and then return to the Credco application to submit your order.
Review and confirm the Current Address and update it if needed.
Tip: Select Normal Address to change the address format type. Options include Normal, PO Box, Rural Route, or Military. For military addresses, refer to the Entering Military Addresses article.
Confirm or enter the Previous Address and Mailing Address.
Select +Add Previous Address.
Select +Add Mailing Address.
If your borrower provided a file freeze PIN to access a frozen credit report, expand and complete the File Freeze PIN section for each applicable bureau, and select the acknowledgement checkbox.
Enter any comments or notes in the Notes field.
Note: Comments or notes entered here will appear in the header of your credit report.
Select Submit Order to complete the process. The Order Summary page displays with your completed report.
Tip: A copy of the credit report will also populate to your Encompass eFolder.
Outcome
You can order credit reports to evaluate your borrower’s creditworthiness and assess potential risk in just a few clicks.