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 buy Credit Manager. Credit Manager can only be installed on Windows computers. Once you have those two things taken care of, you are ready to report credit.
Getting an account to report credit is not something that is given automatically. Your company will have to complete whatever process each credit bureau requires in order to sign up with them. Here is some basic information about the major credit bureaus that may be helpful in deciding which one(s) to sign up with:
- Equifax – Phone: (888)-202-4025. Minimum 500 accounts for all industries with the exception of Credit Unions and Banks which have a 100 account minimum. State laws requiring Mortgage Company reporting can report less than 500 accounts through The Service Bureau.
- Experian – Phone: (800)-831-5614. No Account Minimum, however, a waiting period may apply for industries other than Banks, Credit Unions, Fannie Mae or Freddie Mac. Contact Experian for further details of approval process.
- Transunion – Phone: (312)-258-1818. Minimum 100 accounts.
- Innovis – Phone: (614)-538-2123. 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. LoanPro exports credit data in a way that works well with reporting through credit manager. However, large customers often extract data, 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:
- Loan ID - The identifier of the loan inside LoanPro. Database - Loan Setup (loan_setup_entity)
- Date Created - The date the loan is created. Database - Loan Table (loan_entity)
- Contract Date - The date the loan will start. Database - Loan Setup (loan_setup_entity)
- Original Loan Amount - The total amount being lent, not including the Underwriting Fee. Database - Loan Setup (loan_setup_entity)
- Interest Rate - The interest rate for the loan. This will include the interest rate frequency. Database - Loan Setup (loan_setup_entity)
- Term - The number of payment periods in the loan. Database - Loan Setup (loan_setup_entity)
- First Payment Due Date - The date the first payment will come due on the loan. Database - Loan Setup (loan_setup_entity)
- Payment Amount - The amount to be paid every payment period. Database - Loan Setup (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. Database - Loan Setup (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 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 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 Address - Co Borrower's address_entity
- Co-buyer City - Co Borrower's address_entity
- Co-buyer State - Co Borrower's address_entity
- Co-buyer Zip Code - Co Borrower's 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 can be done by formatting the data in Metro 2 format. Here are the Experian guidelines on formatting data: https://www.experian.com/assets/communication-energy/brochures/data-reporting.pdf. 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 .
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 4\ImportDefs on your computer.
To report credit, first, you should export your customer credit data. To do this navigate to Loans > Loan Manager inside your company account.
Search for the accounts for which you want to report credit. 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 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.
Open the Credit Manager application on your computer.
First, we’ll change one setting to make credit reporting easier. From the Tools menu, choose Options.
This will bring up a dialog box.
Go to the Options tab.
Make sure the box labeled Clean Data During Import is checked, and click OK.
Now you can import your credit file. Click Import External File.
Choose the LoanProImport_CM4 file and click Open.
Now click Modify.
Click Next >
Click Browse and locate the credit data file you exported from LoanPro.
Select the file and click Open.
Make sure the box labeled My file contains column headers is checked, and click Finish.
Click Save and Continue >
Click Run to start your import.
Once the import is completed, you will be asked if you want to see the import log. This log will show you any errors that were found during the import process. We will have the system look for errors separately from this, so click No.
Click Check for Compliance Errors.
Click Start Scan. This will scan you file and find any errors and display them to you. Once the scan is complete, if you have any errors, the best option is to make changes directly in LoanPro and re-export your credit data. If you don’t want to do this, you can make changes to the CSV file you exported and then re-import it into Credit Manager. If your scan returned no errors, click Back to go to the main page.
Once you click Upload Accounts to Bureaus, you are done.