Industry News

Tool automates credit accuracy for lenders

Aims to improve consumer credit scores

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CreditXpert, a credit analysis and management services provider, today launched a tool for finding inaccuracies in consumer credit files and acting on them. CreditXpert Detective scans an individual's credit data to reveal potential inaccuracies and recommend specific updates that will most significantly improve the person's credit score. It also automatically generates customized instructions and dispute letters. The product helps consumers find potential updates and determine whether they are worth pursuing, said David Chung, interim president and vice president of business development. "It also enables loan officers to best serve consumers by checking every single applicant's credit to see if any errors or omissions are holding down that person's credit score," he added. As many as two-thirds of credit reports have outdated or inaccurate information. The product is expected to increase approval rates and close more loans. Identifying inaccurate information is time consuming an...