MISMO Releases Credit Report Reissue Advice

The Mortgage Industry Standards Maintenance Organization and its Credit Reporting Workgroup have announced recommendations regarding the use of the MISMO standard for reporting reissues of credit reports to credit repositories.The MISMO Credit Reporting standard allows companies, credit bureaus, and credit repositories to exchange data regarding a borrower's credit information, the organization said. The document "will provide guidance on how to better use this standard in light of a recent change in the federal Fair Credit Report Act," said MISMO, a not-for-profit subsidiary of the Mortgage Bankers Association. Gabe Minton, executive vice president of MISMO and the MBA's vice president of industry technology, noted that credit data repositories collect and store credit data, while credit bureaus create the credit report for the lender. "This newly released document discusses how the existing MISMO Credit Request transaction format can be used to provide the information needed by credit bureaus to report additional end-users to the repositories," Mr. Minton said. MISMO can be found online at http://www.mismo.org.