Report Credit

Introduction

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.

Setup

Credit Bureaus

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 Bureau

Requirements

Equifax

  • Minimum of 500 accounts for all industries except Credit Unions and Banks which have a 100 account minimum.
  • State laws allow mortgage reporting to report less than 500 accounts through The Service Bureau.

Experian

  • No account minimum
  • A waiting period may apply for industries other than Banks, Credit Unions, Fannie Mae or Freddie Mac. Contact Experian for more details about their approval process.

Transunion

  • Minimum of 100 accounts

Innovis

  • Less than 100 accounts must be reported through The Service Bureau.

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:

Field Name

Description

Database Table Location

Loan ID

The identifier of the loan inside LoanPro.

loan_setup_entity

Date Created

The date the loan is created.

loan_setup_entity

Contract Date

The date the loan will start.

loan_setup_entity

Original Loan Amount

The total amount being lent, not including the Underwriting Fee.

loan_setup_entity

Interest Rate

The interest rate for the loan. This will include the interest rate frequency

loan_setup_entity

Term

The number of payment periods in the loan.

loan_setup_entity

First Payment Due Date

The date the first payment will come due on the loan.

loan_setup_entity

Payment Amount

The amount to be paid every payment period.

loan_setup_entity

Record Date

The date of report (usually today's date).

Account Status

Customizable status identifier for your loans.

loan_settings_entity

Sub Status

Customizable sub-status identifier for your loans.

loan_settings_entity

Credit Status

A status used in credit bureau reporting to indicate delinquency or other status of the loan.

loan_settings_entity

Credit Bureau

The associated credit bureau.

loan_settings_entity

Credit ECOA

This is a credit reporting code that describes the responsibility for the loan of the primary customer.

loan_settings_entity

Co-Buyers ECOA

This is a credit reporting code that describes the responsibility for the loan of the secondary customer.

loan_settings_entity

Account Closed Date

Date the account was closed.

loan_settings_entity

Payment Frequency

The frequency at which payments come due.

loan_setup_entity

Remaining Principal Balance

The remaining principal balance on the loan.

loan_status_archive

Date of 1st Delinquency

Date the loan was first delinquent.

loan_delinquency_history_entity

Amount Past Due

The amount past due, if any.

loan_status_archive

Amount 30+ Days Past Due

The amount 30+ days past due, if any.

loan_status_archive

Last Payment Date

The date of the last payment made on the loan.

loan_status_archive

Last Payment Amount

The amount of the last payment made on the loan.

loan_status_archive

Days Past Due

Days the loan is past due.

loan_status_archive

First Name

Borrower's first name.

customer_entity

Middle Name

Borrower's middle name.

customer_entity

Last Name

Borrower's last name.

customer_entity

Email Address

Borrower's email address.

customer_entity

Primary Phone

Borrower's primary phone number

customer_phone_entity

Secondary Phone

Borrower's secondary phone number.

customer_phone_entity

Address

Borrower's address.

address_entity

City

Borrower's city.

address_entity

State

Borrower's state.

address_entity

Zip Code

Borrower's zip code.

address_entity

Social Security Number

Borrower's SSN.

This value is held in the customer_entity table, but it is encrypted there. To get the unencrypted value, you must use the API.

Date of Birth

Borrower's date of birth.

This value is held in the customer_entity table, but it is encrypted there. To get the unencrypted value, you must use the API.

Gender

Borrower's gender.

customer_entity

Generation Code

Borrower's generation code.

customer_entity

Employer

Borrower's employer name.

customer_employer_entity

Employer Address

Employer's address.

address_entity

Employer City

Employer's city.

address_entity

Employer State

Employer's state.

address_entity

Employer Zip

Employer's zip code.

address_entity

Employer Phone

Employer's phone number.

customer_employer_entity

Co-buyer First Name

Co-borrower's first name.

customer_entity

Co-buyer Middle Name

Co-borrower's middle name.

customer_entity

Co-buyer Last Name

Co-borrower's last name.

customer_entity

Co-buyer Email Address

Co-borrower's email address.

customer_entity

Co-buyer Primary Phone

Co-borrower's primary phone number.

customer_phone_entity

Co-buyer Secondary Phone

Co-borrower's secondary phone number.

customer_phone_entity

Co-buyer Secondary Phone

Co-borrower's secondary phone number.

customer_phone_entity

Co-buyer Address

Co-borrower's address.

address_entity

Co-buyer City

Co-borrower's city

address_entity

Co-buyer State

Co-borrower's state

address_entity

Co-buyer Zip Code

Co-borrower's zip code.

address_entity

Co-buyer Social Security Number

Co-borrower's SSN.

customer_entity

Co-buyer Date of Birth

Co-borrower's date of birth.

customer_entity

Co-buyer Gender

Co-borrower's gender.

customer_entity

Charge Off

Charge-off amount, if any.

loan_chargeoff__transactions

Credit Limit

Credit limit on the loan.

loan_setup_entity

Date of First Delinquency

The first date in the current delinquency when the loan was delinquent.

loan_status_archive

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.

The Credit Bureaus will reject special characters in names. LoanPro allows those characters, though, so if your customers have names like O'Leary, al-Bayt, or García-Carrión, you'll run into issues when you try to export the file. Most likely, the credit bureaus will reject it. You may want to validate your data before submitting it.

Credit Manager Setup

Once you install Credit Manager, you will need to follow these steps in order to complete your setup:

  1. Download the .ID4 file and save it on your computer. To do this, navigate to Tools > Credit Reporting inside your company account.
  1. 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.

How To

Export Data

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.

The credit reporting page. The Setup and Export Rules sections are collapsed, and the Credit Reporting History has one entry. The columns in the history include a file name, the time it was completed, the LMS user who queued it, the file size, and the system-generated password to open the 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.

If you are having trouble with your spreadsheet program dropping your leading zeros, read our article that describes how to Keep Your Leading Zeros.

Credit Manager

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.


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