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.
LendFoundry constantly monitors and communicates with all prime and subprime bureaus.