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 resolves
credit bureau incompatibilities to cut credit system development costs and shorten
learning curves.
The Merit Credit Engine provides direct creditbureau access to the three national
credit repositories, Experian, Equifax, and Trans Union. Because it uses your
bureau memberships*, and your computer system, there
are no middleman transaction costs added to each report. There is no delay
associated with running requests through a third party, and you can be confident
the data is up to date, reflecting the file as it exists, the second you request
it.
About the credit bureaus
The three national credit bureaus are competing companies. They gather their
consumer data separately, and don't share it among themselves.
Though formatted differently, consumer credit reports from the three bureaus
all show current and former addresses, employers, recent inquiries by credit
grantors, fraud alerts, and public records. The tradelines section includes
credit limits, balances owing, and payment histories for loans, credit cards,
and other accounts, as reported by subscribers to the particular credit
repository - whether Experian, Equifax, or Trans Union.
Financial institutions often request FICO, Beacon, or Empirica credit score
as part of the report. The score is a statistically-proven weighting of items in
the report, boiling it down to a single a number to simplify decisions about
credit-worthiness or the likelihood of bankruptcy. Codes and descriptions
indicating the reasons for the score are also included.
Because the bureaus don't share data, it is common to find differences in the
data, as well as the scores, for the same consumer. Many companies are
members of just one or two of the bureaus, but not all three. Not all
companies report to the bureaus. Some companies only report derogatory data.
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The MERit Credit Engine...
- Provides built-in communication protocols for all three bureaus.
- Resolves incompatibilities in request and response data layouts.
- Allows your own rules for selecting which bureau to use on a case by
case basis.
- Allows your own rules for choosing which credit scores to use.
- Can maintain multiple shared or separate connections to the bureaus,
using differing connection devices.
- Makes it possible to design your own rules for merging data.
- Makes it possible to render reports in your choice of custom or
standard layouts.
- Makes it possible to include data from other sources for decision
making, scoring, and reporting.
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*Do you need help setting up a membership with Experian
(formerly TRW), Equifax, or Trans Union? In some parts of the country,
your account is administered through an affiliate credit bureau of one of the
"big three", but you still get direct access to the same repository of
credit data. Either way, we can put you in touch with the right people.
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