In LoanPro, there are two main ways to report a borrower's credit to a Credit Reporting Bureau. Our Mid-Market clients typically report through Credit Manager, and our Enterprise clients will query the database directly to generate credit reports.
Before you report anything, you'll need a credit reporting account with at least one of the major credit bureaus. This is different than a credit pulling account. If you already have an account with one of the credit bureaus, it is most likely a credit pulling account. If you're using our Mid-Market solution, you'll also need to purchase Credit Manager, a credit reporting software. Credit Manager can only be installed on Windows computers. Once you have set up an account with a major credit bureau and have installed Credit Manager, you are ready to report credit.
This article will explain in detail how to set everything up and report credit. If you're not yet familiar with how the process works in LMS, then our article Credit Reporting – The Basics might be a good primer.
Accounts do not report credit automatically, so you will need an account with a major credit bureau. However, each credit bureau has a different set of requirements to open an account. Here is some basic information about the major credit bureaus that may be helpful in deciding which one(s) to sign up with:
Credit Reporting Options
Most of our Mid-Market customers report credit using Credit Manager since LoanPro exports credit data in a way that complements the reporting software. However, large customers often extract data then verify, scrub, and report to the credit bureaus themselves.
The easiest way to do this is to pull the data directly from the database. This is only an option if you have direct database access with LoanPro. Credit reporting data includes the following:
Database Table Location
The identifier of the loan inside LoanPro.
The date the loan is created.
The date the loan will start.
Original Loan Amount
The total amount being lent, not including the Underwriting Fee.
The interest rate for the loan. This will include the interest rate frequency
The number of payment periods in the loan.
First Payment Due Date
The date the first payment will come due on the loan.
The amount to be paid every payment period.
The date of report (usually today's date).
Customizable status identifier for your loans.
Customizable sub-status identifier for your loans.
A status used in credit bureau reporting to indicate delinquency or other status of the loan.
The associated credit bureau.
This is a credit reporting code that describes the responsibility for the loan of the primary customer.
This is a credit reporting code that describes the responsibility for the loan of the secondary customer.
Account Closed Date
Date the account was closed.
The frequency at which payments come due.
Remaining Principal Balance
The remaining principal balance on the loan.
Date of 1st Delinquency
Date the loan was first delinquent.
Amount Past Due
The amount past due, if any.
Amount 30+ Days Past Due
The amount 30+ days past due, if any.
Last Payment Date
The date of the last payment made on the loan.
Last Payment Amount
The amount of the last payment made on the loan.
Days Past Due
Days the loan is past due.
Borrower's first name.
Borrower's middle name.
Borrower's last name.
Borrower's email address.
Borrower's primary phone number
Borrower's secondary phone number.
Borrower's zip code.
Social Security Number
Date of Birth
Borrower's date of birth.
Borrower's generation code.
Borrower's employer name.
Employer's zip code.
Employer's phone number.
Co-buyer First Name
Co-borrower's first name.
Co-buyer Middle Name
Co-borrower's middle name.
Co-buyer Last Name
Co-borrower's last name.
Co-buyer Email Address
Co-borrower's email address.
Co-buyer Primary Phone
Co-borrower's primary phone number.
Co-buyer Secondary Phone
Co-borrower's secondary phone number.
Co-buyer Secondary Phone
Co-borrower's secondary phone number.
Co-buyer Zip Code
Co-borrower's zip code.
Co-buyer Social Security Number
Co-buyer Date of Birth
Co-borrower's date of birth.
Charge-off amount, if any.
Credit limit on the loan.
Date of First Delinquency
The first date in the current delinquency when the loan was delinquent.
Once the data is gathered, it can be reported through a software like Credit Manager. It can also be reported directly to the credit bureaus. This method requires the data to be in Metro 2 format. All that is required to report directly to most credit bureaus is a data furnishers agreement, which is required to report via any method.
Credit Manager Setup
Once you install Credit Manager, you will need to follow these steps in order to complete your setup:
- Download the .ID4 file and save it on your computer. To do this, navigate to Tools > Credit Reporting inside your company account.
- Expand the Setup Section by clicking the down arrow.
Click either 'Canada link file' or 'US link file' to download the appropriate link file. Make sure you save the file to a location on your computer where you will be able to find it.
Place the file in the following folder: Users\[Your User Folder Name]\AppData\Roaming\TSBSoftware\Credit Manager 5\ImportDefs on your computer.
To report credit, you should first export your customer credit data. To do this, navigate to Loans > Loan Manager inside your company account.
Search for the accounts that you want to report credit for. From the Data Options drop-down, choose Credit Report > Export Accounts. This will take you to Tools > Credit Reporting where you can export the credit data for your accounts. Click 'Export', and the system will generate a file.
Once the file is complete, just click the 'Download' button next to it. The credit data will be downloaded in a password-protected .zip file. To extract the contents of this file, you will need a password, which can be found in the Password column of the Credit Reporting History table. In this photo, for example, you can see the password is '14551ba'. Now that you have downloaded credit data for your customers, you can import it into Credit Manager.
Although it's saved in a .zip file, the credit reporting file itself is a .csv file. These types of files are spreadsheets that can be viewed and edited using programs like Excel, Google Sheets, SPSS, or OpenOffice Calc. If you don't have any of these, we recommend you download OpenOffice for free. Here is a Sample Credit Reporting File with a few lines of data so you can see what they look like.
We've created a short video showing the steps of exporting the data from LMS, extracting it from the .zip file, and finally importing it into Credit Manager 5.