Industry News

Real estate service offers automated credit score disclosure

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A new service that automatically delivers a consumer's credit score disclosure with each credit report ordered is now available to mortgage lenders. First American CREDCO, a provider of specialty credit reports to the mortgage industry and a member of The First American Corp. family of companies, is offering the service. This service was developed to help mortgage lenders comply with a new requirement under the Fair and Accurate Credit Transactions (FACT) Act of 2003 that went into effect on Dec. 1, 2004. Under Section 212 of the FACT Act, mortgage lenders are now required to furnish a statement to home loan applicants disclosing their credit score, as well as key factors adversely affecting the score, the score range, the date on which the score was created and the name of the entity that developed the score. When a lender signs up for this add-on service from First American CREDCO, a credit score disclosure is delivered automatically with every credit report ordered. The disclosur...