NEWS & RECENT EVENTS

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Feburary 1, 2011
Cisco now interfaces with SSMHUB

CISCO is now interfacing with SSMHUB and is now easier than ever to obtain services tailored to your business needs.

August 11th, 2011
SSA-89 Processing

CISCO now offers SSA-89 Social Security Number Verification. This product will help to confirm that you are using the correct social when you pull a report.
Please contact us if you would like to get setup for this service 800-804-0043.

February 24, 2011

 Alternative Credit Reporting: Is Experian Really Going to Help You Rebuild Your Credit? February 24, 2011, The Huffington Post, Karen H. Harris - Shriver Center's Community Investment Unit
                                                                                          Experian aims to bring millions of Americans into the mainstream credit market by incorporating rental data into credit reports. RentBureau, which Experian acquired last June, is the largest collector of rental payment data.  Consumer advocates, credit analysts, and lenders have been exploring different options for calculating credit-worthiness. The reporting of nontraditional or alternative credit data has frequently been suggested as one of these options. 

December 10, 2010

New Employment and Tenant Screening System!

CISCO releases enhanced employment and tenant screening system.

November 10, 2010

Just what the Doctor ordered….

A new bill has passed the House of Representatives that will exclude paid medical charge offs and collections from the credit report. According to statistics 41% of American households have carried some kind of medical debt since 2007. Once that medical debt hits your credit report it can wreak havoc on your credit score. Since the type and amount of a collection is not factored into the scoring models, even a $5 medical collection could cost you 100 points or more on your credit score.

Medical debt is not the borrowers fault; no one chooses to be sick or get in an accident. It has long been felt that these debts should not be used against a borrower in determining their credit worthiness. Yet even paid off, medical collections can significantly damage a person’s credit score for years, causing them higher interest rates and even denial for loans.

This bill actually amends the Fair Credit Reporting Act under section 605 to read (a)”any information related to a paid or settled medical debt that has been characterized as delinquent, charged off, or in collection which, from the date of payment or settlement, antedates the report more than 45 days.” This means that 45 days from the time a collection is settled it must be removed from the report. Currently, a collection will stay on your report for 7 years from the date it went into collection.

Up until now it has always been advised not to pay collection accounts, especially older ones as it could actually hurt the credit score by bringing the activity date current. For medical collections it will now be advisable to pay them off promptly as they will have to be removed within a very short period of time. Under this bill, agencies collecting medical accounts will be required to stop reporting once the account has been paid for 45 days.

One question is going to be, are the bureaus going to develop new scoring models to accommodate this new law or simply “tweak” the existing scoring models. Until this is decided, a borrower paying off a medical collection should get something in writing stating the account is paid. The borrower can dispute the account directly with the bureaus to have it removed after 45 days have elapsed. This will have to be policed by the Federal Trade Commission so having this documentation will be critical to the borrower.

This bill will be voted on in the Senate and if approved will be signed into law by the President. Once it is passed and is signed this could mean a significant increase in many borrowers’ credit scores. Ultimately it could open up doors for borrowers’ to qualify for loans due to these higher credit scores.

While this change has been a long time coming, relief might just be right around the corner….

June 25th, 2010
Credit Radar

Credit Reports, Reinvented.

Credit Radar™ is a new cover page to your mortgage credit report that at a glance makes it easier to use then ever before. You’ll be able to instantly size-up your loan applicants and spot any critical issues–all without digging through the actual credit report.

Credit Radar™ combines revolutionary credit intelligence and industry best practices into a simple, elegant page that is delivered automatically with every credit report.

Mid-Score Forecast: For the first time ever, you get a forecast of the mid-score for each applicant in 30 days so you know if there may be any problems at closing or if more options will be available soon.


Mid-Score Risk: Lets you know if nominal increases in revolving balance will put the mid-score at risk of dropping.


Key Indicators: Tells you if there is something that requires your attention or not.


Fast & Automatic: Since it’s a cover page, it gets delivered with your credit reports every time–no additional logins or clicks.



Until September 1, 2010 you can experience the value of Credit Radar™ firsthand, at our expense.

During this introductory period, you'll receive it with all your mortgage credit reports.

You can opt-out at any time–we’ll send you a reminder too. If you choose NOT to opt-out, you will continue to receive Credit Radar™ and charges will apply as of September 1, 2010.

June 4th, 2010
Fannie Mae LQI Program

Dear CISCO Clients,

As many of you are aware, Fannie Mae released their Loan Quality Initiative (LQI) program.  This program outlines new guidelines, processes and requirements for lenders who sell loans to Fannie Mae.  While there are a myriad of rules and regulations contained within the LQI's, which can be reviewed in their entirety at (https://www.efanniemae.com/sf/lqi/index.jsp). The biggest one affecting our clients is the new requirement to re-verify liabilities prior to closing. 

This requirement has lead most institutions to pull what is being referred to as a "Refresh Report," which is an additional credit report pulled to ensure that there are no major changes in a consumer's credit before a loan closes.  

CISCO is in the process of generating the addition of a button on the client side that will order a refresh report.  This will allow our clients to go to the original report, click a button and have the consumer’s information pre-populated for the new report.

With this second report comes the need to compare the new and old reports in an automated fashion.  This process can be accomplished with the Comparison Report, which we have added to our system.  For more information or to have this product activated on your account, please contact CISCO Tech Support @ 800-804-0043 x 30.

With all of these industry changes, there are likely to be a lot of questions. We will continue to update you as more information and enhancements become available. 
Please feel free to contact us for help understanding any of the system changes.

CISCO Credit
(480)491-6001/(800)804-0043

May 12th, 2010
Avista Integration

Starting June 5th, Cisco Credit will have a direct interface with Cisco Credit. This will let users who have Avista be able to order additional credit report features, report add-ons, etc. that wernt available via the Fannie Mae Connectivity.

April 29th, 2010
New Comparison Reports

You can compare two reports in less than 10 seconds
Easily comply with the new Fannie Mae Loan Quality Initiative standards

Comparison Report Key Features:

• Quick Reference Summary Section
• General Information Comparison
• Credit Score Comparison
• Credit Score Factor Comparison
• Trade Line Comparison
• Public Record Comparison
• Inquires Comparison
• Information Sources Comparison

Available In May

March 23rd, 2010
FDIC in New England brings ECOA violations regarding credit reports

An issue from last fall has surfaced again regarding a violation of the Equal Credit Opportunity Act (ECOA) regarding credit report fees.  When married co-applicants obtain a lower price for a credit report than two unmarried co-applicants the FDIC has ruled that is an ECOA violation and has recommended six banks in the New England area be prosecuted by the US Department of Justice for the violation.  Additionally, duplicate paperwork for unmarried co-applicants is also a violation.
 
If you currently have a fee structure which charges a greater fee of two unmarried co-applicants than the fee charged to two married co-applicants, you may want to closely review the ECOA with your legal counsel to prevent a potential discrimination issue.

Febuary 2nd, 2010
New LOS

Cisco now interfaces with US Bank Wholesale.

August 25th, 2009
New Desktop

Our Continuing efforts to improve the efficiency of our system we have rolled out a New Client Desktop. You should see a link in the bottom right corner that says New Client Desktop. Its a much more streamlined approach we urge you to try it out. It will be released the end of next month and the old desktop will no longer be available.
Please contact the tech dept if you have any questions 800-804-0043 x30.

May 1st, 2009
Breaking News on RESPA Reform and New Red Flag Rule Extension

Congressional amendment calls on HUD to withdraw

RESPA final rule

The House Financial Services Committee on Wednesday approved an amendment during the Mortgage Reform bill that would call on HUD to withdraw its controversial final RESPA rule and work with the Federal Reserve Board to issue a new joint rule within twelve months, according to a report by the Mortgage Bankers Association.

FTC Will Grant Three-Month Delay of Enforcement of ‘Red Flags’ Rule Requiring Creditors and Financial Institutions to Adopt Identity Theft Prevention Programs The Federal Trade Commission will delay enforcement of the new Red Flags Rule until August 1, 2009, to give creditors and financial institutions more time to develop and implement written identity theft prevention programs. For entities that have a low risk of identity theft, such as businesses that know their customers personally, the Commission will soon release a template to help them comply with the law. Today’s announcement does not affect other federal agencies’ enforcement of the original November 1, 2008 compliance deadline for institutions subject to their oversight.

Given the ongoing debate about whether Congress wrote this provision too broadly, delaying enforcement of the Red Flags Rule will allow industries and associations to share guidance with their members, provide low-risk entities an opportunity to use the template in developing their programs, and give Congress time to consider the issue further, FTC Chairman Jon Leibowitz said.

The Fair and Accurate Credit Transactions Act of 2003 (FACTA) directed financial regulatory agencies, including the FTC, to promulgate rules requiring creditors and financial institutions with covered accounts to implement programs to identify, detect, and respond to patterns, practices, or specific activities that could indicate identity theft. FACTA’s definition of creditor applies to any entity that regularly extends or renews credit or arranges for others to do so and includes all entities that regularly permit deferred payments for goods or services. Accepting credit cards as a form of payment does not, by itself, make an entity a creditor. Some examples of creditors are finance companies; automobile dealers that provide or arrange financing; mortgage brokers; utility companies; telecommunications companies; non-profit and government entities that defer payment for goods or services; and businesses that provide services and bill later, including many lawyers, doctors, and other professionals. Financial institutions include entities that offer accounts that enable consumers to write checks or make payments to third parties through other means, such as other negotiable instruments or telephone transfers.

During outreach efforts last year, the FTC staff learned that some industries and entities within the agency’s jurisdiction were uncertain about their coverage under the Red Flags Rule. During this time, FTC staff developed and published materials to help explain what types of entities are covered, and how they might develop their identity theft prevention programs. Among these materials were an alert on the Rule’s requirements, www.ftc.gov/bcp/edu/pubs/business/alerts/alt050.shtm, and a Web site with more resources to help covered entities design and implement identity theft prevention programs, www.ftc.gov/redflagsrule. The compliance template will be available on this Web site.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 1,500 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s Web site provides free information on a variety of consumer topics.

Febuary 16th, 2009
FHFA Announces New Mortgage Data Requirements
The FHFA has released new regulations for loans submited through Freddie Mac and Fannie Mae.More Info

January 23rd, 2009
Modified Files not Reissuable
To ensure accurate consumer information is used for underwriting decisions and in consideration of 3rd party requirements, credit reports that have been modified are not reissuable to Fannie Mae and other AUS/ Lenders.More Info

December 15th, 2008
Red Flags Update
The FTC has postponed the deadline to May 1, 2009.

December 11th, 2008
Equifax Update
Equifax has announced the creation of a program to govern the access and use of a credit report for secondary use. Starting December 12th Equifax will manage a website that contains terms and conditions for the secondary use of a credit report. More Info

December 2nd, 2008
CISCO's BK-V Bankruptcy Verification
CISCO has come up with the ideal solution for lenders looking for a fast and simple bankruptcy document retrieval service. CISCO's BK-V Report gives lenders access to comprehensive data on their applicant's bankruptcy history.

November 20th, 2008
Client Referral Program
As our way of saying thank you for your loyalty as a CISCO customer, we’re offering you an opportunity to earn $100. credit towards your next invoice!
HOW IT WORKS:
Simply tell colleagues and business associates about CISCO Credit. When one of your referrals is activated as a new customer with CISCO, we will post a $100. credit to your account!

November 20th, 2008
Red Flags Rule
The Red Flags rule is coming soon. Are you ready? Check University of CISCO for more information.

September 8th, 2008
Experian Express Request -"No Doc" Credit Rescore
When documented proof is not available from your customer, Express Request offers Phone Verification to process a request. To improve turnaround times on dispute resolution, Express Request offers a Phone Verification service that will: