The vendor is required to provide residential mortgage credit report (“RMCR”) that combines data and credit scores from all three credit reporting agencies.
- Reports must include a valid credit score from each reporting agency.
- Report specifications
• Provide an individual credit report in the form of an RMCR for each applicant that includes credit data and credit scores from all three major credit bureaus, based on personally identifiable information (PII).
• When two applicants (e.g., co-borrowers or spouses) apply jointly, the contractor shall provide a joint (aggregate) report that includes both applicants' credit data.
• Each applicant’s credit profile must be clearly separated and individually identifiable within the report.
all reports must include three credit scores per applicant when available.
• Reports must include an assessment of credit risk based on the data presented, and clearly distinguish each applicant's risk level when multiple applicants are included in a single report.
• Flagging on any report that may have been subject to identity theft.
• Employment history of the applicant(s) and indication of whether applicants are self-employed.
• Provide source of trade information by credit line in accordance with industry standards, to include tradeline terms and payment history.
• Show residential history and all public record filings against each applicant, in accordance with industry standards.
- Report procedures
• There must be no minimum or maximum number of credit reports that may be pulled in any given year.
- Contract Period/Term: 2 years
- Questions/Inquires Deadline: May 28, 2025