First American’s enhanced credit-reporting services are now available to credit grantors through First American CREDCO. The service targets low- to moderate-income and first-time home buyers, particularly in the traditionally underserved Latino, African-American and Asian/Pacific Islander communities.
The enhanced credit report service includes consumer assistance, verification services, consumer dispute services, rapid re-check and a non-traditional credit report, and is part of the company’s broader minority home-ownership initiative launched in October 2003.
The verification services enable a thorough examination and validation of all credit information available on a consumer with minimal credit history, and can be employed to further investigate and update items such as current balances on accounts older than 90 days, accounts in dispute, accounts with a severe delinquency, public records and employment.
The consumer assistance channel of the service refers consumers to First American’s Fair Credit Reporting Act-certified specialists, who work with the consumer to explain credit issues and can recommend strategies for establishing and improving credit history.
The consumer dispute service enables consumers to work with First American to resolve discrepancies within their credit file. Consumers are given a single contact point throughout the dispute process, alleviating the need to work with each bureau individually to update their files.
First American’s nontraditional credit report utilizes any available bureau data as a baseline and supplements it with alternative credit sources such as rent payments, utility or insurance bills.
The Rapid ReCheck service immediately reissues a revised credit score when updates are made at the bureau level.
First American supplies businesses and consumers with information resources in connection with getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement.
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