XpertOnline Helps Further Protect Your Business 

With New Automated Deceased Indicator Service 
And More Updates (FICO 10T, VS4, Freddie Mac Info) For Your Business!
 

Later this week, we plan to update XpertOnline with a new feature that will automatically identify any file that has a Deceased indicator on it. Whether the indicator is on a score reason code, the narrative on a trade, an ECOA identifier, or a public record, XpertOnline will help protect your business by instantly sending you a notification email when it finds a deceased indicator on the credit file.

With this enhancement, we will automatically place the file into a Review status. The Review status withholds the file so that it is not delivered back to your client until you have reviewed the file and approved it as needed. Your clients will receive a generic message indicating that the file is being investigated by you, their CRA. 

This will be an optional feature that you can choose to enable for your clients.

There have been legal cases recently concerning Deceased indicators setting an undesired precedent for CRAs, and our team wants to help you avoid unwanted situations if a Deceased indicator is reported on your files.

With your feedback in mind, we are taking a “Better Safe Than Sorry” approach by not delivering the credit file back to your clients, as they will undoubtedly reach out to you with questions. You might receive the email notification before the client receives the error and proactively message them about a potential issue with the file. 

Keep an eye out for a release bulletin later this week with full details on this new feature and instructions for working with it. 
 

Freddie Mac Trended Data Update 

Freddie Mac released a general announcement recently discussing a release date for Trended Data, targeting August 4, 2024. We are currently conducting testing with Freddie Mac and are on track to meet this deadline for you to ensure your reissued LPA and LQA files include trended data for your clients. 
 

FICO 10T and VantageScore 4 Updates 

We have validated FICO 10T and VantageScore 4 with both TransUnion and Experian. As soon as we finalize our testing with Equifax, we plan to release these new scores to you in production.   

FICO is offering lenders the opportunity to try the FICO 10T version at a reduced cost as an incentive to help with market testing and validation. If you have clients interested in this program at FICO, you will soon be able to help them provide the new FICO 10T score models from all three bureaus.