Red Diamond can now pull a soft-pull credit report from Credit Plus. There are very specific steps that must be followed to pull these within the credit regulations.
RECOMMENDATION: DUE TO THE RELATIVE HIGH COST, USE THIS PRIMARILY FOR A SINGLE BORROWER AND SINGLE BUREAU.
Please review these requirements and follow them carefully.
Step 1: Borrower Authorization - this is required in writing with DocuSign. To get this authorization executed you need to set up the client in Encompass and have them establish an account in Encompass
Step 2-eConsent: Send the borrower their eConsent in Encompass.
Step 3-Authorization Form: Below is the Red Diamond Pre-Qual Authorization Form - Soft Pull Credit Report. This must be executed by the borrower prior to pulling the soft-pull credit report.
This authorization is mandatory and will be reviewed in future audits.
![Image](https://www.rdhloans.com/intranet/wp-content/uploads/REQUESTING-AUTHORIZATION-ENCOMPASS.png)
Step 4: How to order the Soft-Pull Credit Report from Credit Plus:
We have a separate branch established for soft-pull pre-qual reports.
You must use this separate branch account. Plug in the borrower info into the Credit Plus site and you will get your soft-pull credit report.
![Image](https://www.rdhloans.com/intranet/wp-content/uploads/how-to-order-the-soft-pull.png)
![Image](https://www.rdhloans.com/intranet/wp-content/uploads/Credit-Plus-Logo.jpg)
Here is the cost of a soft-pull credit report through Credit Plus.
Experian & Transunion are $3.50 and Equifax is $4.00. Joint reports cost double that.
3 Fico scores on a joint report is $22.00 so you don't save much vs. the $34.25 for a full mortgage report with all the bundled advantages.
I'd recommend using this for a single borrower and single bureau just to give you an idea if credit counseling is required.
![Image](https://www.rdhloans.com/intranet/wp-content/uploads/CREDIT-PLUS-SOFT-PULL-COSTS-1.png)