Advantage plus overview mcl july1st news

July 1st News Tools to Close More Loans

Presenter:

Delia G. Zuniga Cell: (602) 318-1037 Office: (623) 889-8999 Delia@advantagepluscredit.com

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• As part of the National Consumer Assistance Plan (NCAP) and the result of a settlement brokered with 31 state attorneys general back in 2015, Equifax, Experian and TransUnion are planning to significantly reduce the amount of tax-lien and civil-judgment information found in consumer credit files.

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More Consumer-Friendly Credit Reports •

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The reduction of tax lien and judgment data isn't the only change in the works as a result of the 2015 settlement. As part of its National Consumer Assistance Plan, the credit bureaus are also working to overhaul their dispute process by, among other things, employing specially trained personnel to review disputes and supporting documentation; allowing consumers who discover an error after obtaining their credit reports through AnnualCreditReport.com to get a second report free of charge; and providing additional information with the dispute results, including a description of what a consumer can do if they‘re not satisfied with the outcome.

They also plan to introduce a 180-day waiting period between the time a medical bill account is created and the time it can be recorded on a credit report as due for collection, as well as forming a multi-company working group to regularly review and help ensure consistency in reported data.

But the tax lien and judgment reduction — related to the bureaus' promise to eliminate the reporting of debts that did not arise from a contract or agreement by the consumer to pay, like tickets or fines — is significant in that it represents the full removal of certain information that has long appeared on credit reports.

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Advantage Plus -Bankruptcy, Lien, Judgment Report •

Effective July 1, 2017, We will have available a national BLJ (bankruptcy, lien and judgment) report that identifies civil court records on individuals including bankruptcy , tax liens, as well as collections and judgments from more than 3,600 jurisdictions including small claims, municipal, county, state and federal courts. This report provides information on the debtor, plaintiff, amounts, dates, amendments and releases. The report searches the national court records using the person’s name (first, middle and last) to identify the number of potential records and then filters those by the person’s address and their social security number (bankruptcy only). Since lien and judgment records do not include the SSN, the national search uses a 4-point match on name and address elements to reduce the risk of a missed record while minimizing the chance of a false record. This will impact 8.9% of consumer reports (19.5 million consumers).

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Bankruptcy, Lien & Judgment Report Reference #

1234567890

Process Date Requesting Lender Input Name SSN

3/31/17 ABC Mortgage

Sample

John A Doe xxx-xx-2222

Summary (national search, see note below for dates searched) Record type Total # Non released $ Bankruptcy 1 Lien 1 $20,183 Judgment 1 $9,297 Results Bankruptcy Debtor 1: name Debtor 1: ssn last 4 Debtor 1: address Debtor 1: phone Chapter Filing date Case # Results Lien Defendant name Defendant address Plaintiff/ lien listing agency Filing location Tax serial lien cert # Tax lien date / period Results Judgment Defendant name Defendant address Plaintiff name Filing location Recording #

John Doe xxx-xx-2222 136 Linmore Dr Fremont, CA 94539 510-879-3600 7 7/26/10 1048428

Debtor 2: name Debtor 2: ssn last 4 Debtor 2: address Debtor 2: phone Notice type Court ID/ district

John Doe 136 Linmore Dr Filing / recording date Fremont, CA 94539 State of California/ Francize Filing / Doc type Tax Board ALAME Deed category type 10006604608 Case # 1/06/2010 Lien amount 12/31/2006 John Doe 136 Linmore Dr Fremont, CA 94539 Wells Fargo Bank CAPLAM1/ Alameda, CA

Filing / recording date Filing / Doc type Deed type Case # Judgment amount

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Mary Doe xxx-xx-1111 136 Linmore Dr Fremont, CA 94539 510-879-3600 Discharge CAN: CA- Oakland- Northern

1/13/10 State tax lien Placement 2010001211 $20,183.00

12/27/ 09 7/22/2010 Judgment MCV40360 $9,297.00

Tools to close more Loans Product Overview Credit Assure™ Automatically identifies score improvement potential.

Credit Analyzer Uncovers the most cost-effective actions for credit management.

What-If Simulator™ Forecasts scores based on updates to the credit report.

Always useful before requesting a rescore.

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Credit Assure • Always on, appears on every credit report.

• Appears through the LOS’ or proprietary system.

• Runs Credit Analyzer in the background, shows only the potential score.

– Given a certain amount of time and money / could be more or less if changed.

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Credit Assure™

Credit Assure also appears on the credit system after you log in.

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Credit Analyzer • Tells me the most cost-effective and probable actions the consumer should take for possible score improvement.

• Tells me what is impacting scores the most.

“Advantage Plus helped me, help my clients surmount credit as an obstacle to buy their new home...”

“It is an invaluable tool for serving clients in the best way possible and for closing more loans.”

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Example: After sign-on…

Select the borrower and bureau then select “Order” from this screen.

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Credit Analyzer Example

Bureau specific forecast, cash needed and actions.

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Finds best actions for potential score improvement

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What-If Simulator™ • Common uses; forecast scores from: – – – – – –

Removal of “in-dispute” status Correcting a late date; or payments status Aging-out a file, 1 to 24 months Updating credit card balances resulting from pay-downs Removing an Authorized User account Opening new credit card, student loan or other accounts

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Advantage Plus What-If Simulator™

Forecasting over time, up to 24 months, is easily done with the ‘timeframe’ drop-down.

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Advantage Plus What-If Simulator™

Add or remove actions such, as paying down balances. A change in color indicate the change being forecasted.

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Advantage Plus What-If Simulator™

“Help text” is included where needed.

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Advantage Plus What-If Simulator™

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Advantage Plus What-If Simulator™

Opening various types of new accounts.

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Advantage Plus What-If Simulator™

Cumulative results are always shown & a print version is available by selecting “print”.

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Advantage Plus What-If Simulator™

Correcting a particular late payment or late status is easy.

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Advantage Plus What-If Simulator™

A combination of longer term actions such as forecasting out 6 months can be done.

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Advantage Plus What-If Simulator™

Changing the status of public records.

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Have a process • To what extent should you invest in the file – Credit Assure™ is a start…

• Dig deeper if: – Income, collateral, other conditions are in reach

• Collaborate internally on best plan • Communicate with the applicant • Follow-up – …at various phases of the cycle

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What this Means to you…

• Eliminate the guesswork – Credit is complex, stop wasting time guessing what impacts scores.

• With Advantage Plus, YOU are the expert to your applicant – Gain trust, be more relevant, more specific and more helpful.

• Close more good loans – CreditXpert is consumer education.

– It leads to more deals and more referrals.

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Q&A Thank you all for being here. www.advpluscredit.com 623-889-8999

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