CoreLogic Credco offers a Letter of Explanation as an add-on feature to our Instant Merge credit report. The Letter of Explanation is a convenient form used by mortgage professionals to request a written explanation from an applicant on specific areas of their credit report that may have an impact on your lending decision.
The Letter of Explanation is automatically generated with every Instant Merge credit report. Our system will identify specific data conditions on each applicant’s credit report and generate a letter that includes snapshots of the items that require further clarification, with clear instructions for each item that needs further explanation. Standard items include:
- Derogatory Tradeline Data
- Public Records
- Recent Credit Inquires
- Undisclosed Obligations
Customizable features are also available, including the ability to display Previous Address and AKA Information.