Cogent Road, a San Diego-headquartered provider of Internet-based applications for the mortgage industry, has launched Score Protection, Funding Suite's newest technology offering that eliminates additional inquiries by protecting any of the scores in a preexisting credit file provided the original file is less than 30 days old.
According to the company, Funding Suite's automated credit proofreading tools help originators detect errors in credit files that work against the applicant by lowering his or her credit score. Once these errors are corrected, a new (often higher) score is calculated using the corrected credit file data. In the past, these new scores could only be obtained by reordering an entirely new credit file.
Score protection is fully automated, and the mortgage originator does not need to record or otherwise remember that a previous file exists. At the moment of ordering, if Funding Suite detects a previously ordered credit file that is less than 30 days old for the borrower, co-borrower or both, Funding Suite will ask if the originator would like to protect any of the scores.