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1.
Why is a Credit Report showing two different credit scores?
This typically happens when a credit report is returned from the bureau as 'fragmented.' A fragmented credit report is one that may contain more than one person's credit information. This may happen with twins, Jr./Sr. situations, etc. Another way this may happen is sometimes Creditors do not furnish a SSN when they report to the Credit Bureau and a trade item may be applied to all accounts with that name, address, etc. When the credit report is returned as fragmented, you will More...
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2.
I want to approve a loan based on the co-borrower's credit score. How will I tell the loan calculation screen to use this score?
You will need to manually update the rate because the score that is automaically pulled into the loan calculation screen will belong to the primary member.
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3.
Can I add a custom message on the Online Banking Credit Score page?
Yes, between the Apply for Loan Today / Contact Me About my Score button and the disclaimer is a content section, an area that can be modifed via a configuration in CU*BASE. Launch tool #569 Online/Mobile/Text Banking VMS Config. Select Credit Scores History Sales Text and use Select or Enter. Use the screen that appears to enter a URL to one of your web pages as well as the Comments that you would like to appear on the page to explain the feature to your members.
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4.
The FACT Act requires we notify members when a credit score was used to determine eligibility for a mortgage loan. How can I use CU*BASE tools to comply with this requirement?
Option 1: Create a Misc. Member Account Form with the appropriate text, and add a procedure for your loan processors to print this form whenever a loan like this is created. Since the CU*BASE online credit bureau system has no way to know if a credit score is used in the underwriting decision, nor whether the credit report was used for a mortgage or home equity loan, this will be manual process. HINT: This step could be added to the Electronic Checklist feature for your mortgage and home equity More...
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5.
What are the supported credit bureaus and score models within CU*BASE?
Equifax 01841 – Beacon Augmentation Code 01855 – Multi-Screen 1.0 02575 – Multi-Screen 2.0 Experian F - Experian/Fair Isaac Risk Model V2 I - Experian/Fair Isaac Risk Model 3 - National Risk Model A - Old National Risk Model B - Experian/MDS Bankruptcy Model BP - Bankruptcy PLUS Model Trans Union FICO Classic Risk -EMPIRICA 95 - to be retired by end of year 2005 00002 - Delinquency (90+ days) or worse within 24 months FICO Classic Risk - EMPIRICA Industry Options 95 - More...
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6.
Are there ever situations where a member would get a credit card statement but not a regular member account statement in the same month?
It's possible but fairly rare, given how most CUs set up their statement criteria. The two statement types are independent as far as the criteria that determine whether a member gets a statement or not. Typically a CU sets up their regular account statement to look at OC (open credit) accounts, which includes online credit cards, and produce a regular statement if there is any activity. Likewise, a credit card statement is generally set up to produce a CC statement only if there is activi More...
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7.
When Fiserv creates a member check with the credit union's name on it, where does it get the CU name from?
This comes from Fiserv's records, which are provided to them by the Federal Reserve (through the FRB's Checks Department).
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8.
How can I get a member who has a balance on an OTB Credit Card onto my CU*BASE database so they are able to take advantage of a sweep account to pay on their credit card?
In some cases, the general upload file that is received by CU*Answers on a daily basis only contains accounts where a member has had a change to their account. Contact your OTB vendor to see if you can request a full file to be sent so that all card information would be sent in the upload file to CU*Answers. (In some cases if your CU is already being charged for the upload it is possible there would be no change in price to have the full file sent over.)
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9.
If I activate Statement Style Fees, what happens on a month when a member gets only their credit card statement and not a regular account statement too?
Printed Statement Style fees are triggered only by production of a regular account statement (based on a file called STPRINT01, which is generated only with regular statements, not CC statements) . If a member gets only a credit card statement, they wouldn’t get a fee that particular month. If the next month they get both a credit card statement and a regular statement, then they would get a fee that time. (Note: We do always produce a year-end statement for every member, no matter wha More...
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10.
Are soft pull credit scores considered when evaluating with CLR Path?
Yes. CLR Path uses soft pull credit scores when evaluating a member on the credit score criterium.
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11.
How do I research why a loan did not report to the Credit Bureau?
Here are seven things to review if you are trying to research why a loan did not report to the credit bureau. Look to see if the loan is flagged not to report to the credit bureau: Access Tool #20 Update Account Information (shortcut: acct) for the account and click the Credit Reporting Info button. The Report to credit bureau flag must be checked. Look at the Credit Report History located in Loan Account Inquiry via the Delinquency window (F23 or click the lookup button next to the Deli More...
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12.
Our credit union has been asked to perform a member account verification (audit). What are the procedures for this process?
At some point during the year your credit union's audit firm may contact your credit union to perform a member account verification. This involves sending statements with a special message and unique return address, so that members respond to the auditing firm rather than the credit union directly. Here are some important tips to ensure your audit is successful: CU*Answers cannot change your credit union's return addresses on statements. CU*Answers uses custom statement envelopes for a More...
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13.
When looking at the ATM/Debit or Credit Card Activity screen, what does the indicator in the Type and Transaction Description mean?
The fields are related to Process Codes, in that they are derived from the code attached to the message received from the plastics processor (vendor, or switch). The Type you see in the initial Type column of the Activity screen relates directly to the Transaction Description when you view additional transaction details. Transaction types may not apply to all vendors. Examples of these labels are as follows: DEP (Deposit Transactions) ATM/DEP A deposit made at an ATM. ATM/DEP - including a $ More...
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14.
How can I find out where my members have loans, credit cards, or LOCs at other financial institutions?
If you pull credit reports using the CU*BASE online credit bureau access system, credit report data is stored online and can therefore be mined for opportunities. There are a couple of ways you can find this information: Use Tool #976 Where Your Members Borrow This tool pulls trade line data from stored credit report files, showing other financial institutions with whom your members do business. This tool lets you make a direct comparison between your credit union and a competitive FI. F More...
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15.
A member is trying to log in to online banking and they see this message: "Online access for this account has been disabled. Please contact the Credit union to reset your password." What should I do?
What This Message Means: This appears when the member has tried 3 times to enter their password incorrectly. The message does instruct the member to click I forgot my password and answer all three Security Questions to reset the password themselves. But if the member doesn't know their password or their security questions, they will need to contact the CU. BE CAREFUL: This is a scenario that presents the most risk to your members. If a bad guy finds out a member's name, account nu More...
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16.
There is a IRS reporting requirement that states that companies that process credit and debit card payments are required to submit IRS Form 1099-K. Will CU*Answers be producing this form?
No. This law actually pertains to merchant card programs where the merchant is collecting payments for services and goods sold. Since we do not run merchant programs on our platform, this reporting requirement does not apply to us.
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17.
Can we pull credit reports for member service products such as debit cards, checking accounts, membership requests?
Yes. You can pull a credit report for any service using the online credit bureau process. Using Tool #53 Process Member Applications, use action code CR to pull the report without creating a loan request and application. We can then create Member Services denial notices for debit cards, checking accounts, ATM cards, etc.
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18.
I have an online credit card loan account where the balance from the previous month end was paid in full by the payment due date, yet the member still incurred a finance charge. Why?
Credit card finance charges can be confusing as they are different from a normal simple daily interest consumer loan, because billing cycles play a part in the finance charge calculation. Both current and previous billing cycles are required for the calculation to qualify for a configured grace period. Grace period flags are determined by the credit union and disclosed in their credit card disclosures. Finance charges are waived if the account qualifies for the grace period configured in the loa More...
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19.
I need help with ordering an online credit card for the co-applicant/secondary person on a Visa account. I just ordered one for the member; how do I order one for the wife, who is listed as a co-applicant on the Visa loan?
T o order an online credit card for a co-applicant on the loan account, you would complete the following steps: Launch Tool #12 Update/Order Online Credit Cards Enter the member number and suffix for the Visa loan account OR If you have the last 4 digits of the primary member's Visa card number, you may enter that instead Use Enter to continue On the next screen you will see a card that has been ordered for your primary member only. On the lower left corner of the screen, choose Add More...
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20.
What is the best way to handle payoff for an online credit card account?
There are three choices. 1. Manually add the estimated finance charges to the balance of the account and have the member make the full payoff at that time. Then clear the cumulative balance on the individual buckets to ensure that there are no finance charges assessed on the account. To do this you will launch Tool #20 Update Account Information. Select the credit card account and then select F16/Chg Type Maint. Select the individual bucket and select the Maintenance action code. In the cumulat More...
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21.
I see that my member's loan account is in the credit bureau reporting file but it isn't reflected on the individual's credit report. What types of things might prevent a primary borrower or additional signer from being applied by the bureau?
If you or your member notice an account is not being updated (or the additional signer on a loan) you should first try to find out if the loan/additional signer was included in the file sent over to the bureau. You can do this for the most recent reporting cycle by running Tool #658 Print Loan Info Sent to Credit Bureau . If the member loan/additional signer information (defined by METRO 2 as the J1 segment or J2 Segment) is present in that file you need to look further into the following types More...
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22.
Where in CU*BASE can I view all the credit bureaus to which we report?
Use Tool #658 Print Loan Info Sent to Credit Bureau to see all accounts that are reported to the credit bureaus. At the bottom of the report is the listing of all the bureaus to which reports are sent: Experian, Equifax, TransUnion, and Factual Data (formerly CBC/Innovis).
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23.
How do I view a credit report attached to a loan?
To view a credit report attached to a loan, go to the Loan Account Inquiry screen through Phone Operator or Account Inquiry. Once there, click the lookup button (looks like a little magnifying glass) to the right of the Delinquent' field in the box in the upper right area of the screen. On the next screen, select View Credit File (F1).
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24.
The member has scheduled Automated Funds Transfer (AFT) and has selected the option to "pay the amount in full every time (for credit cards or lines of credit)". What happens if the AFT amount will result in an overpayment of the loan's current balance?
You can schedule the AFT payment to pay the amount in full every time (for credit cards or lines of credit). Making this selection allows the member to pay the LOC or credit card off every time a transfer is performed. (The recommended frequency with this AFT payment method is Monthly.) For LOCs , this means pay whatever the current balance on the loan is at the time the transfer is performed. If the AFT payment amount will result in an overpayment on the loan, the transfer amount will be adj More...
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25.
I'm looking for some special Credit Bureau Comment codes for bankruptcy, but don't seem them in online help. Where can I find these?
The following old special Comment codes are no longer valid now that your credit data is being reported using the Metro 2 format: BU BV BW BX BY CA CB Instead, use the Consumer Information Indicator field on the loan account to report bankruptcy. This can be changed using Tool #20 Update Account Information on the loan account (click the Credit Reporting Info button to display the the Credit Bureau Reporting Information screen). NOTE: You only need to report bankrtupcy once. If the bankrupt More...
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