MERit Releases Version 3.2 of Credit Engine

The MERit Credit Engine, Version 3.2, adds support for the new Equifax System 6.0 data format, and provides other updates of value to companies doing automated retrieval of credit reports from Experian, Equifax, and TransUnion.

Equifax 6.0

Equifax 6.0 provides a number of enhancements and it represents the new default format for Equifax data. The changes are relatively transparent to MCE users, but for companies and users not yet ready to migrate to 6.0, a setting has been added that allows Equifax reports to be retrieved in the old format, for 100% consistency with legacy data.

By default, the MERit Credit Engine outputs the new Acrofile Plus report style when working with System 6.0 data, and the old report style when working with System 5.0 data, but this behavior can be overridden. MCE Version 3.1 allows System 5.0 data to be displayed in the new format, and System 6.0 data to be displayed in the old layout. In either case, the underlying data is preserved so that your automated processes have access to the information corresponding to the version that was retrieved.

Equifax 6.0 data provides 36 or 48 month payment histories, credit limits, account closure dates, balloon payment and original lender information, improved bankruptcy information, and more detailed loan classifications, with better identification of mortgages. Many users will also appreciate the new print image layout.

Other Updates

New choices are available when requesting TransUnion's High Risk Fraud Alert messages. HAWK Alerts can now populate additional information fields.

Experian OFAC handling has been enhanced. It is now possible to request that messages be provided for negative, as well as positive matches against the U.S. Treasury Department's Office of Foreign Assets Control database.

A bureau inconsistency has been resolved. Equifax collection records are now handled in the same way as Experian and TransUnion.  Developers will find that this simplifies multi-bureau programming for collections.

To simplify setup, a Verify Login button has been added. This makes it possible to verify passwords, bureau URL's and many other connection details before actually requesting a test-case credit report.