Credit Information Updates

Example Definitions of "Credit Information Updates"
Credit Information Updates. Either: i. Daily. The output of a batch processing service in which Equifax monitors an enrolled Consumer's Equifax credit file on a daily basis and notifies Broker regarding specific changes to such Consumer's Equifax credit file. The data elements to be monitored are (i) delinquencies; (ii) new inquiries (since previous report); (iii) active/inactive status changes; (iv) new accounts opened; (v) changes of address; and (vi) new public records and public record changes. The Parties may modify... or increase the number of data elements that are scanned for upon mutual agreement. Or, ii. Quarterly. The CMS monthly batch process that returns the full file fixed formatted credit file and may also return such data attributes as agreed between the Parties. The CMS Quarterly Credit Information Updates may be used solely for the purpose of creating Alerts on a quarterly basis for the consumer (i.e., comparing the consumer's current CMS Quarterly Credit Information Update to the prior CMS Quarterly Credit Information Update) or to perform credit scoring. The credit score can only be applied to the current month's data and not to the previous month's compare data. The CMS Quarterly Credit Information Updates will be provided and processed monthly based on the month that the consumer began receiving the CMS Quarterly Credit Information Update; provided however, that Broker must not submit any individual consumer's name for a CMS Quarterly Credit Information Update any more frequently than quarterly (except for error resolution); provided further, such individual consumer's name may be submitted to request other information (e.g. a full credit report) on a more frequent basis. The Credit Information provided through the CMS Quarterly Credit Information Updates may not be used to provide a full credit file, including a Single Bureau Report or List & Stack report, to the consumer or for any other purpose. Notwithstanding the above, the parties agree that Broker shall continue to receive Credit Information Updates on a monthly basis for those consumers (identified by program in Schedule G, Monthly Batch List). View More
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