New Credit Repair & Analysis Tool on the Market

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

CreditXpert, a credit analysis and management services provider, today launched a tool for finding inaccuracies in consumer credit files and acting on them.

CreditXpert Detective scans an individual's credit data to reveal potential inaccuracies and recommend specific updates that will most significantly improve the person's credit score. It also automatically generates customized instructions and dispute letters.

The product helps consumers find potential updates and determine whether they are worth pursuing, said David Chung, interim president and vice president of business development. "It also enables loan officers to best serve consumers by checking every single applicant's credit to see if any errors or omissions are holding down that person's credit score," he added.

As many as two-thirds of credit reports have outdated or inaccurate information. The product is expected to increase approval rates and close more loans. Identifying inaccurate information is time consuming and the company hopes to save time for lenders by automating the process.

The product will be available through CreditXpert's network of distributors in the mortgage lending and consumer credit information industries.