Call Technical Support at (866) 694-2241 or Email pwy.TechSupport.asm@corelogic.com andwe’ll send you your password information. Technical Support is available 5 am – 7 pm PST, Monday through Friday, and 8 am – 4:30pm PST, Saturday and Sunday.

It will be helpful to have the following information before beginning the enrollment process:

• Business Tax ID
• Business Bank Account Information
• 2 Business References that can verify the nature of your business (i.e., auto dealer, boat/marine, etc). For each reference, provide Account number, Name, Phone number, Name of business and Address.
• 1 Credit Reference that can verify a favorable payment history with your company

The following documentation can be faxed:

• Copy of a business bank statement displaying the company’s name and dated within the last 45 days
• Copy of a phone bill displaying the company’s name
• Copy proof of bona fide business, such as a business license or official state/federal document displaying the company name.

If you did not receive a confirmation email within 2 hours of completing the enrollment process, please call our Customer Support group at (800) 694-1414.

To retrieve your password, go to the “Forget Password?” link at www.credcoservices.com/becomeacustomer/onlinesignup/forgot.aspx

Yes, you can complete the application on someone’s behalf. Make sure the authorized individual’s information is complete in the Officers section of the Customer Profile.

Yes. We use https using SSL (Secured Socket Layer) to protect your information over the Internet. In addition, we use the industry standard encryption technologies to encrypt all the data you have entered.

Yes. You can save your information as you go, so you can return and continue where you left off.

All required fields are indicated with a red asterisk (*). To expedite the application process, we suggest completing as many fields as possible.

Your application will be available for 30 days after you create your user name and password. After 30 days, the application will become inactive and you will need to start from the beginning.

By selecting the products, you are only notating which products or services that you are interested in using. At the end of the enrollment process, a CoreLogic Credco representative will contact you to discuss your product choices. If you are unsure of what products are best for you, you can discuss and choose the products when you speak to a representative.

No. Prices are not displayed on the website. You will have the opportunity to discuss pricing and other account questions when a CoreLogic Credco representative contacts you.

No. Email is not a secured medium of exchanging information. For your privacy, we do not support receiving any personal information like business license, bank statements and/or phone bills via email. Please fax all your supporting documents. Be sure to include the Reference # in the subject/comment on cover sheet.

Yes. The application will be available to you for 30 days.

If you have any questions about our the signup process, please call (800) 694-1414 and a CoreLogic Credco representative will be happy to assist you.

Fair Isaac Corporation is the creator of Fair Isaac Scores (also called FICO® scores). FICO scores rank order potential borrowers based on the likelihood that they will pay their credit obligations as agreed. A higher score indicates better credit quality. The scoring range is approximately 300 to 850 points.

There are two kinds of Fair Isaac scores used in the auto industry. The original Fair Isaac score is the Standard or Generic score. The other version is the Auto Industry Specific score. Each of the three national credit bureaus (Equifax®, Experian® and TransUnion) use these scores; however, they have been given different names as follows:

Auto Industry Specific scores are evaluated differently than the Standard scores. Typically, Auto Industry Specific scores vary from the Standard scores anywhere from 0–50 points (higher or lower) depending on the evaluated credit data within each consumer’s credit report.

All scoring is lender driven. Many lenders are now offering pre-approval programs based upon certain scoring ‘tiers’ (along with other requirements, in many cases). For example: a report displaying a Fair Isaac Standard score of 680 or higher will be automatically approved by lender A, whereas lender B will automatically approve a report displaying a Fair Isaac Auto score of 720. Consequently, some lenders use the Standard scores and some use the Auto scores.

Credit bureau scoring is a scientific way of assessing how likely your client is to pay back a loan from the data available on his/her credit report. The score measures the relative degree of risk a client represents to the investor. It is not a measure of your client’s income, assets, or bank accounts, although those and other factors are still considered by lenders independent of the score.

Fair Isaac has developed several different scorecards to calculate a consumers credit score. Fair Isaac leverages actual credit data on millions of consumers, and uses complex mathematical methods to perform extensive research into credit patterns that forecast credit performance. Through this process they identify distinctive credit patterns. Each pattern corresponds to a certain likelihood that a consumer will make his/her loan payments as agreed in the future. The score is based on all the credit-related data in the credit bureau report-not just negative data such as missed payments or bankruptcies.

Fair Isaac started building credit scoring systems in the late 1950’s and credit bureau scores-based solely on credit bureau data were first introduced in 1981.

A credit report is an important prequalification tool for businesses that rely on consumer financing. To get more customers financed successfully, it is vital to prequalify a customer.

Do your homework in advance

It’s important to have a good understanding of how lenders look at credit scores and reports. This can be accomplished by simply getting the answers to some basic questions. Ask questions like:

• What does a lender look for when they finance a loan?
• What do they like to see in terms of credit scores?
• Do they prefer an industry-specific credit score model?
• Do they prefer a credit report from a particular bureau?
• What are the debt-to-income ratios they’re looking for?

Use credit scores along with the entire report

Credit scoring has become the primary means of assessing a consumer’s creditworthiness in most consumer finance industries. Credit scores are calculated based on mathematical equations developed by Fair Isaac Corporation. These score models are commonly known as FICO® scores. FICO is the most popular scoring model used among lenders and creditors to calculate a consumer’s credit risk. By comparing this information to the patterns found in thousands of past credit reports, scoring estimates the level of risk a lender or creditor is assuming.

Credit scores are most useful when used in combination with the total credit history. While a credit score allows for a quick evaluation of a customer’s creditworthiness, the information in the credit report itself may provide valuable insight that can help you close the deal.

Review the credit report summary

Some credit reports provide a summary section for at-a-glance assessment. The summary will give you quick information about the customer’s payment history, available credit, and public record information, such as bankruptcies. The summary is a great way to get a quick snapshot of a customer’s credit history and can save you from having to weed through the details of every tradeline in their credit file.

Look for major derogatory information first

Pay extra attention to bankruptcies. Many lenders will not even consider financing a customer with a bankruptcy that’s less than two years old. A particular lender may be more inclined to approve a loan with this type of customer than others.

Consider the length of the credit history

A customer that has extensive credit history is considered less risky due to the amount of data available on their credit record. The evaluation of over 30-years of payment habits and debt repayment practices is more dependable than only 3-years of credit history. Bottom line; the less credit history a customer has, the higher the financial risk – and the higher the interest rates on their loan.

Assess credit card usage

A customer that has balances of more than 50% of the credit line is a red flag to lenders. It is often an indication that the customer may be living beyond their means.

Determine any mitigating circumstances

If a customer has late payments or collections on their credit report, there could be reasons behind the delinquencies that will impact your lenders’ financing decisions. Interview your customer to gather details that might play in the customer’s favor. Was this person laid off from work or on disability during this period?

Pay attention to recent history

The most important period to look for in terms of a customer’s credit history is the last six months to two years. Lenders look very hard at the recent past, and if there are delinquencies within this period, it will have more of an impact than five-year-old delinquencies.

Making a match

In the end, the ability to efficiently assess a customer’s creditworthiness in terms of the lender's criteria can help you to effectively match the two together. Once you’ve made the perfect match, you have a satisfied lender, an improved closing ratio, and a happy customer.

If you are calling about the FICO credit bureau scores that range from approximately 300 to 850 points, then you are referring to one of the three single repository scores developed by Fair Isaac and available through the credit bureaus. The scoring models, as well as your client’s credit data, reside at these credit bureaus. Fair Isaac does not have the ability to access your client’s credit data or calculate the client’s score. Scores are calculated at the bureau and are based on the data housed within that individual bureau, so each credit bureau score may not be the same.

If you requested that another bureau report be obtained to get an updated score, then the score is likely to change for many reasons; however, it is not possible to control how that score will change. The credit items on the report are updated often, so new items are likely to have cropped up since the previous reporting. Additionally, repeatedly requesting your client’s credit report may substantially increase the number of inquires on the repository report, which may cause the score to drop.

Over time your client can improve the information in their credit report by paying all bills on time and using credit wisely. As derogatory data in the credit report gets older, it affects the score less. A missed payment from four years ago will not count as much as a missed payment from six months ago.

To understand why your client’s credit report scored the way it did, look at the four reason codes given with each score. These are the top factors impacting your client’s credit score, although other factors may have contributed.

CoreLogic Credco never merges credit scores. Through our patented merge technology, we are able to blend credit information from multiple credit bureaus to eliminate duplicate tradelines. However, no information is lost. The multi-bureau credit information is simply re-formatted into a consistent, user-friendly format. CoreLogic Credco's merged multi-bureau reports help our clients reduce risks by providing more comprehensive credit information on their customers.

The Office of Foreign Assets Control (OFAC) is a U.S. government agency that maintains a list of names and aliases of individuals, organizations and companies that the U.S. government has classified as potentially dangerous and a potential threat to national security. The U.S. government updates these lists periodically and maintains the blocking program. This requirement falls under the USA PATRIOT Act, the anti-terrorism legislation that was signed into law on October 25, 2001 as a result of the events of September 11.

Financial institutions, securities firms and insurance companies are required by law to block or freeze property, payment of any funds transfers and transactions with anyone on this list. Failure to comply with OFAC regulations may result in strict penalties. Criminal violations can result in:

• Fines of $50,000 to $10,000,000 and/or
• Up to 30 years imprisonment

For more information on U.S. government’s requirement, compliance, effective date and guidelines, please visit the Office of Foreign Assets Control.

Commonly known as the red flag rules, the full name for the regulation is the Identity Theft Red Flags and Notices of Address Discrepancy. The rules were developed in response to the findings of the President’s Identity Theft Task Force, which found that identity fraud results in billions of dollars in losses eah year to individuals and businesses.

Basically, the rules, which are applicable to both dealers and financial institutions, entail implementing an Identity Theft Prevention program. According to the Federal Trade Commission, this program must include “reasonable policies and procedures for detecting, preventing and mitigating identity theft.”

The Red Flag Rules were passed on January 1, 2008. Dealerships must be compliant by January 1, 2011. For more information on Federal Trade Commission’s requirements, effective date and guidelines, please visit the Federal Trade Commission.

BuyerID Index is a predictive model that returns a three digit score ranging from 000 – 999.
The higher the score, the greater the likelihood of identity risk. BuyerID Index scoring is the opposite of the FICO scoring that you’re used to, where a high FICO score is good.

The BuyerID Index report is provided as a separate tear sheet when you receive your Credco credit report. It is not part of the actual credit report.

BuyerID Index cannot be used as a factor in establishing a prospective customer’s eligibility for credit. It can solely be used to help you verify the identity of an applicant in order to prevent fraud or identity theft. You may only use BuyerID Index for internal business purposes, and you may not disclose it to any third parties except to the extent required by law. Please consult your legal counsel if you have any concerns about this service and what it means to your business.