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How To Use CreditXpert

In today's tighter lending environment, the more tools you have to help you close your loans, the better. CreditXpert's tools are fully automated, easy to use and can help get your borrowers to the score they need quickly.

Getting Started

  • Once you've logged into the Avantus system, search for your report using the Report ID, Name or Social Security Number of the borrower.

Search for credit report

  • In the search results, choose Open to view your report.

  • From the report summary screen (below), notice that under each bureau's credit score is the possible credit score improvement. This number is automatically determined by CreditXpert's intelligent credit analysis tool, Credit Assure.

  • Credit Assure has proven to be highly predictive of score improvement in most cases, but the exact number isn't guaranteed.

  • In order to achieve the score improvements returned by Credit Assure, you must follow the instructions returned when you order Essentials or What-If.

Which Product Do I Order?

You may only need to order one CreditXpert product on one bureau score to get the mid-score result you need, but you always have the option to run any CreditXpert products for any of the bureaus you have requested, for either Borrower or Co-Borrower.

Here are some tips:

  • Order ESSENTIALS to receive specific instructions as to how the borrower might raise the score. For example, you tell your customer that they need 10 points to qualify for a better rate. Borrower asks: "What specifically do I need to do to increase my score?"

  • Order WHAT-IF if you want to create your own specific scenario, or to see results based upon actions already taken by the consumer. For example, Borrower asks: "Can I improve my credit score if I pay down my Visa account or provide proof that I was never late on my mortgage?"

Example 1: Essentials

Our first example shows how the Borrower might attain a 780 mid-score from Equifax based on Credit Assure's score improvement prediction. [The mid-score is currently 778, but I can see room for improvement of +4, which would get the consumer over 780.]

Credit score box showing good credit scores and credit score improvements

All that is required to see the specific actions/suggestions necessary to increase the Equifax credit score by 4 points is to click Order on the Essentials row underneath Equifax.

  • To exactly match Credit Assure results, use the $3500 default for Available Cash, and do not modify any other defaults.

Ordering screen for CreditXpert Essentials credit score improvement tool.

  • Note: If you specify more Available Cash, or use a Score Improvement value instead of cash, you have the potential to obtain a higher score lift.

Clicking the Order button will bring you to the results window, where you will be focusing on the Summary and Actions sections as shown below.

Sample CreditXpert Essentials Summary and Actions to Increase the Borrower's Credit Score

  • Remember to follow the Action steps precisely. CreditXpert clearly states that every action modifies the result of a previous action. When there are multiple actions listed, removing actions or performing them in a different order may produce unexpected results.

If for some reason you choose not to follow the actions in the precise order indicated, you should run the What If simulator to simulate ONLY the actions you intend to implement.

 

More Examples



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