Credit Bureau Reporting Simplified
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 and lender still have specific nuances to be considered.
LendFoundry has experience with many credit bureaus and lenders in the prime and subprime space and we have developed reporting capabilities out of the box to serve our customers.
Fast. Accurate. Hassle Free
LendFoundry constantly monitors the loan portfolio and sends periodic reports to the bureaus in the Metro2 format.
- LendFoundry can quickly adapt to reporting changes and new requirements with leading consumer credit bureaus to alleviate any potential mishaps with our clients that could lead to major penalties and sanctions from Consumer Financial Protection Bureau (CFPB).
- Lendfoundry's bureau reporting capabilities can work with lenders who have never undertaken this or those who have always relied on an army of specialized personnel to do this.
- Let LendFoundry’s technology work for you. Our consumer credit reporting capabilities are integrated with our Loan Management Platform or it can also be implemented as a separate module with your existing LMS.
Regulatory Reporting as a Service: Benefits
- Improve efficiency and reduce risk through reporting automation
- Maintain compliance with regulatory requirements
- Fast set-up and deployment
- Scalability to grow with your business
- Auditing capabilities