Soft Pull Credit Reports - From Credit Plus

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.

With the borrower setup in Encompass you can request them to DocuSign the Authorization via the eFolder just like any other document.  The document name is below.  Request it and send it.  The borrower will have to log into their Encompass account to sign this document.  If they don't have an account they will have to establish an account.
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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.

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We don't need the soft-pull in Encompass so pull them directly from Credit Plus
Soft-Pull Credit Report Costs and Recommendation:
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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.  

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