“The reports were delivered in minutes to my computer in an easy to read, ready to print format, complete with credit scores and all the typical information you would expect to find on a credit report.”
This month’s program is WinMerge Credit Reporting System Version 4.03, a credit reporting software system from Information Network. This system has been designed to allow mortgage companies to order and receive credit reports directly from three credit reporting repositories without going through an intermediary company.
WinMerge allows the user to order single repository credit reports, two repository merged reports, or a tri-merged credit report that most companies are using today. The reports can even be merged directly into the most popular mortgage processing software, which is used by many mortgage companies. The merging of credit reports is done using a credit merger program in WinMerge, which identifies duplicate trades then merges the bureaus files into a single report.
The system set up only took a few minutes, with some required phone help from information network’s service department. Once the proper passwords and reporting formats were completed, I was able to order credit reports immediately. The reports were delivered in minutes to my computer in an easy to read, ready to print format, complete with credit scores and all the typical information you would expect to find on a credit report. The reports are automatically saved in the system for future reference or re-ordering as a residential mortgage credit report (RMCR). To keep the system from becoming too crowded with old reports, there is an automatic delete feature that can be set up to automatically remove all reports older than a specified time, such as 60- or 90-days.
WinMerge has been designed to be very user friendly, with easy to use buttons that complete every task with a simple click of the mouse. To order a credit report, you click “New,” enter the borrower’s information, select which bureau and options you desire, then click “Connect,” which starts the modem dialer program and the credit report merger program in WinMerge. Within minutes, you have the borrower’s credit report. Once the report has been received, it can be viewed on screen, printed to obtain a hard copy, or merged into your processing software.
To find a report at a later date you can click on “Find,” type the borrower’s last name into the “Select” box, click “Name,” and a list of all borrowers with that name appears. When you double click on the desired borrower, the report appears on screen. Searches of past credit reports can also be conducted by using a borrower’s social security number, user login ID, or the date the report was ordered.
Complete control of WinMerge is found in the “Administration” button. From there, access to the system can be controlled by clicking on “Edit User Names–Passwords,” which allows the assignment of passwords to the various users and to control their access rights. Users can be added or deleted as management deems necessary. The “Administration” button also allows for the maintenance of company branches and loan officer names so they can be printed in the header of the credit report. Editing of this feature allows complete control of necessary additions and deletions.
WinMerge has complete interface capabilities to order and to retrieve credit reports directly from Point by Calyx, Contour, BYTE, and Genesis 2000. You simply go to the “Administration” button, click on “Interfaces,” then click on the desired processing software. You can export a credit file directly into an existing or new borrower or prospect file as needed.
If you need to order a RMCR after you have previously run someone’s credit, it is simple to do through one of Information Network’s production facilities. WinMerge automatically calls your assigned production center and uploads the borrower’s credit data from the merged report previously completed. Information Network’s credit processors then create a RMCR from the same data in the merged report. Once completed, the RMCR is sent through an electronic mail box to be retrieved automatically upon your next visit.
With the “Communications” button, you can use the “Check for e-mail” button to retrieve RMCRs from the production center, WinMerge Program Updates, WinMerge Database changes, and other information. WinMerge also comes with an Internet web browser that can be found under the “Communications” button. To use this browser, you will need to have your own Internet service provider.
I found this system to be easy to use and the credit reports easier to read than what I currently get from my in-file machine. This is a program that does what all mortgage companies currently have, but in a better and more controlled way.
by Lawrence K. Barber