Fair Credit Reporting Act (FCRA) and Equal Credit Opportunity Act (ECOA) dictates that lenders report all loan performances and history to consumer credit bureaus. Most credit bureaus are now enforcing and requiring lenders to report loan performance and loan history to develop a pay to play relationship. Credit Bureau Reporting capabilities is becoming an important aspect of your loan servicing platform. Most of the credit bureaus have adopted a Metro 2 format but each bureau still have specific nuances to be considered. LendFoundry have had the pleasure to work with many credit bureaus in the prime and sub prime space and we have developed reporting capabilities out of the box to serve our customers.
TransUnion, Equifax and Experian are the three primary consumer credit bureaus in the United States and each have their credit reporting guidelines and nomenclature. Our philosophy at LendFoundry is helping our customers to have report with confidence and accuracy and allow our clients to have a piece of mind and focus on what they do best, lending. Leverage our relationship, experiencing and most importantly our API and existing reporting integration help you to stay up to date and compliant with consumer finance regulations.
LendFoundry constantly monitors and communicates with all prime and subprime bureaus. We can quickly upgrade reporting changes and new requirements with leading consumer credit bureaus to alleviate any potential mishaps with our clients that could lead to major fines and sanctions from Consumer Financial Protection Bureau (CFPB). Let LendFoundry’s technology work for you. Our consumer credit reporting capabilities are integrated with our Loan Management Platform and it can be implemented as a separate module with your existing LMS.