New Service Enables Lenders to Update and Correct Consumer Credit Files.

Business Editors

FRAMINGHAM, Mass.--(BUSINESS WIRE)--Jan. 10, 2001

TCN's Veriscore(R) corrects consumer credit files at repository level

The Credit Network (TCN), a mortgage credit reporting company that delivers more than one million credit reports a year, has introduced a new service that enables lenders to expedite the correction of erroneous or incomplete information on consumer credit reports after an investigation indicates incorrect items have been reported.

According to TCN company officials, the service, called Veriscore, provides a new level of relief to lenders frustrated with the process and time it has taken to update repository consumer credit information.

Once a lender confirms a credit report dispute, TCN validates the disputed information and notifies the appropriate repository. Corrections to the repositories ordered through Veriscore are completed within 48 hours from receipt of appropriate documentation. Once the repository is in possession of the updated information, TCN then notifies the lender of Veriscore completion via telephone, fax, or e-mail. The lender can then order an updated credit report.

Credit items that are likely to be updated during the normal course of time are not eligible for the Veriscore service (i.e., balances on credit accounts that are automatically updated monthly). In the case of public record updates, the lender must furnish a copy of a certified court document.

"Credit disputes have historically been a huge headache for both lender and borrower," said TCN president, Richard Downing, Jr. "The process of purchasing a new home can be one of the most stressful financial transactions the average consumer will ever encounter. The last thing a homebuyer needs is erroneous credit information looming over his head while going through this process. The last thing a lender needs is a strained relationship with the borrower over untrue credit information. Veriscore provides fast and affordable relief to this problem."

About The Credit Network

With more than 600 clients nationally, The Credit Network has been serving the needs of credit grantors and mortgage lenders since 1926. Their clients include Chase Manhattan Mortgage Corp., Principal Residential Mortgage Corp., North American Mortgage Corp., and Quicken Loans. The Credit Network was the first mortgage reporting company to automate the process of requesting mortgage credit reports directly from the loan origination and tracking systems to an automated mortgage credit investigation system.

For more information about The Credit Network, or to speak to a sales representative, call [phone].