Today Equifax has launched a microsite called “Mortgage Industry 2020” to outline their planned changes over the coming months to address the concerning issue of access to consumer credit files by mortgage originators without appropriate consent and safeguarding oversight.
Key Dates and Actions;
By April 4th an Enhanced Broker Credit Report will be launched to help Mortgage Brokers gain deeper insights on applicants and improve information accuracy. It is Equifax’s intention to have all Mortgage Broker Firm’s authorize an amended Broker Contract to enable the sharing of Equifax information with credentialed lenders only.
By May 15th all Lenders will need to be assigned a specific Equifax Member Number to have access to credit files through industry connector platforms. If a Lender is not already an Equifax client, they will need to be onboarded and credentialed.
July 1st, 2020 – Equifax will be requiring ALL Lenders to have an identifying Member Number in order to continue to receive credit files from Mortgage Brokers through industry connector platforms. Only those Mortgage Broker Firms that have authorized the amended contracts will be able to obtain credit files through industry connector platforms.
We suggest you click the links provided here to the Equifax microsite for more information, encourage your Broker Owner to authorize the amended Broker Contract and inform your key Lenders of these changes to ensure they are credentialed with Equifax. These actions will help to minimize any disruptions to your normal business processes as of July 1st.
Please Note: The new pricing (effective April 4th) for an Enhanced Broker Credit Report is $7.80 per applicant up from the current $6.45 per applicant.