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An application stopped due to a credit freeze or bureau alert


An application stops when the credit bureau returns a security freeze or an alert on the borrower's file. What you and the borrower do next depends on which one it is. This applies to business and consumer applications.

Symptom: The application stopped after the credit check, and the borrower saw a message on screen or received an email.

The borrower's credit file is frozen

Frozen credit will result in a credit pull will failure. The borrower receives an email and an on-screen message. Many borrowers keep retrying instead of lifting the freeze, so it helps to be proactive and contact them.

  1. Tell your borrower to contact the credit bureau and lift the freeze.
  2. Once the freeze is lifted, ask them to apply again.

Note: After the borrower unfreezes their file, you may need to contact the credit bureau to remove the initial credit request (due to a system cache at the bureau) so that another attempt can be made.

The borrower name and address don't match

This is the only alert your team can clear. It appears as an action step in the Alerts section.

  1. Open the application in the Action Center.
  2. Set the alert step to Pending for address verification.
  3. Verify the borrower's name and address using your normal procedures.
  4. Update the borrower's information in your core if needed.
  5. Click Resolve.

The rest of the action steps open so you can finish the loan. Your name is recorded on the Resolve step.

 

The borrower name doesn't match the date of birth or SSN

The application stops with an on-screen message and an adverse action notice. The borrower can apply again, since the mismatch may have been a typo during the application.

The alert is for fraud, bankruptcy or something similar

The application stops with an on-screen message and an adverse action notice. Follow your financial institution's policy before you allow a new application.