Chapter 22: Mortgage
IN THIS LESSON
What is it?
When a lender pulls a tri-merge report in one system and then runs that same credit report into another system, they would reissue that order number into the new system.
For example, Regions can pull a tri-merge on a customer through their own system, called Empower. They can then “reissue” that same report number into Desk Top Underwriter (DU) or Loan Prospector (LP). Reissuing allows customers to use a single credit report for multiple systems. Other lenders may pull their credit report directly from our system and then “reissue” it into their own system.
In some cases, the customer is charged a fee for reissuing and in other cases, they are not. That is all set when the customer accounts are set up. We often see these as a 2nd inquiry on Undisclosed Debt Monitoring (UDM). While the credit was NOT pulled again, the same data was disclosed to another company during the reissue process.
Reissuing should NOT be confused with the similar Retrieve Existing report and Ordering a New report.
Retrieve is just pulling the report you already have backup. It won’t pull a report in that wasn’t already there. Unless you pulled credit through one of the AUTOMATED underwritings systems directly, it won’t pull the report in with the retrieve option. It also doesn’t work when say a bureau was frozen initially; we manually pulled in the now unfrozen file. If you “retrieve” it will just send you what you had (with the bureau still frozen). When you reissue, it goes in and pulls in the updated report, now showing the formerly frozen bureau info. Some corrections can NOT be fixed manually.
If you misspelled the name or used the wrong address, for example, to fix it you will have to “Order a New report”. If your old report is expired or if you ordered a rescore that has been completed, you would need to “Order a new report”.