Credit & Data Verification Optimized for Modern Lending Operations

Millions of aspiring homeowners apply for mortgages every year. It can be a time-intensive, exhaustive process requiring applicants and lenders alike to wade through seemingly endless stacks of paperwork to evaluate the borrower’s ability to repay the loan. Thanks to SettlementOne, that tedious process is now a thing of the past. Our credit and data verification services offer a streamlined process that compiles updated asset and income data directly from financial institutions. This intuitive approach simultaneously offers consumers a better overall experience and offers lenders the optimized workflow efficiency, greater transparency, and FCRA compliance they require to make better decisions.

Facilitating Smooth Credit Verification

Determining a potential borrower’s credit worthiness is dependent on several factors. For decades, SettlementOne has delivered millions of efficient, accurate and dependable credit reports to lenders across the country. By leveraging our innovative, web-based credit reporting platform, loan officers can effectively mitigate risk based on verifiable data and conduct real-time activity monitoring. Concise reports sourced from one, two or three bureau credit bureau agencies are accessible almost instantaneously. The following is a brief overview of the inclusive range of services SettlementOne offers lenders to optimize their underwriting and lending processes:

  • Business Credit Report: Utilizing third-party, objective data to paint a comprehensive view of potential commercial customers and prospects, this remarkably in-depth profile identifies business payment performance, public record history and background information so lenders can more thoroughly evaluate the creditworthiness of a business.
  • Consumer Profile Credit Report: SettlementOne’s consumer credit reports provide loan officers all of the information they need to underwrite loan applications and can be specifically tailored to meet your unique specifications. Our credit reports are intended to empower lenders to make confident lending decisions based on reliable data, taking the guesswork out of the equation and reducing potential risk.
  • EZ Error Correction: Inaccurate information provided by lenders to credit bureaus results in reduced credit scores. Studies indicate that more than a third of all credit reports contain at least one error, an alarming statistic for lenders. SettlementOne appreciates how important it is for lenders to provide timely updates to their borrowers’ credit reports. The EZ Error Correction product is a turnkey solution to this conundrum. Consumers simply enter the tradelines that contain incorrect information and SettlementOne will contact the bureaus on their behalf—resolving any errors within 30 to 45 days with no cost to the lender or their borrowers.
  • Rapid Rescore: Even a few points on a credit score can make a huge difference on the overall cost of a borrower’s mortgage—or even their ability to obtain initial loan approval. SettlementOne offers a quick rescoring service that corrects outdated or inaccurate information in less than a week, replacing the outdated or incorrect information, and providing an updated credit score.

No-Frills Data Verification

SettlementOne also provides comprehensive data verification and fraud protection solutions. Leveraging our direct access to the IRS, financial institutions and employers, our team provides lenders with the most accurate, current and reliable data—resulting in unmatched protection and risk reduction across the entire loan cycle. Our scope of convenient web-based tools gives lenders the means to quickly verify crucial information needed to complete the mortgage funding process. These services include:

  • AccountChek: The industry leading application for safe and secure automated verification of assets and deposits, enabling speedy validation of consumers’ account information and expediting the underwriting process while mitigating fraud.
  • ADV-120 Report: A single, comprehensive report highlighting risk factors for potential fraud within a given mortgage application. We closely analyze the loan file and verify key data, summarizing our findings in an easy-to-read report pinpointing any noted discrepancies between the application and billions of public records.
  • Employment & Income Verification:SettlementOne provides lenders with employment and income information sourced straight from the employer, eliminating doubt and cutting back risk of fraud—all within seconds by leveraging the expansive Equifax The Work Number, Experian Verify, and Truv databases.

Mitigate Risk with SettlementOne

Lenders need to be able to rely on the data they use to make informed funding decisions. SettlementOne’s comprehensive suite of cutting-edge solutions facilitate transparency and mitigate risk during all stages of the application, underwriting, and prefunding processes. Contact us today to learn more about how we can help your organization optimize your lending operations.