Credit Bureau Retrieval

Questions:
1.  Does Mark IV use the most recent formats for Equifax, Trans Union and Experian?
2.  How does Mark IV retrieve credit reports?
3.  Does Mark IV parse the credit report?
4.  Can we specify our trade area and only retrieve credit reports on applications from within that  area?

Does Mark IV use the most recent formats for Equifax, Trans Union and Experian?

Yes, Cypress uses the most recent formats available from the credit bureaus; these include: Trans Union FFR version 4.0, Equifax ARF version 5.0 and Experian ADS version 7.0.

Use of the most recent formats ensures that you will have access to all of the available ancillary product offerings from the credit bureaus.

How does Mark IV retrieve credit reports?

Our preferred approach, and how we designed Mark IV, is TCP/IP system-to-system retrieval. Dial-up remains an option for Equifax, so long as it continues to be available.

The Internet access option allows for bureau requests via TCP/IP protocol. Cypress utilizes TransUnion Net Access ("TUNA"), Equifax Internet System-to-System ("STS") and Experian Net Connect. Credit retrieval occurs in 3 to 5 seconds, on average.

The Dial-up method utilizes a proprietary credit bureau management module that efficiently queues report requests by bureau. This results in a typical retrieval of less than 20 seconds for the first queued bureau and within 10 seconds for all subsequently queued requests to the same bureau.

Does Mark IV parse the credit report?

Yes, Mark IV conducts bureau response interpretation, which means that bureau data is parsed into over 150 credit summary attributes that can, in turn, be used for executing underwriting rules and applying an internally-housed credit scorecard.

Can we specify our trade area and only retrieve credit reports on applications from within that area?

Yes, you can specify your trade area and limit the number of reports to be retrieved. This can be achieved in two different ways. Zip Code entry parameters can be set up within Mark IV. Or, Mark IV has the ability to automatically decline any applications that are received outside your acceptable zip code areas