MISMO Releases Its Recommendations on Credit Report Reissue

April 12, 2007

MISMO, a not-for-profit subsidiary of the Mortgage Bankers Association (MBA), and its Credit Reporting Workgroup made public their recommendations regarding use of the MISMO Credit Reporting 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 and this document will provide guidance on how to better utilize this standard in light of a recent change in the federal Fair Credit Report Act (FCRA). This information is not intended as a recommendation for legislative, regulatory or contractual compliance.

"There are two parties involved in the credit report reissue process - repositories and credit bureaus. The credit data repositories are the companies that collect and store individual credit data. The credit bureau is the agency that creates the credit report for the lender," said Gabe Minton, MBA's Vice President of Industry Technology and Executive Vice President of MISMO. "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."

"The Credit Reporting Workgroup has worked diligently to create this document that will surely be a valuable resource as the MISMO Credit Reporting Standard continues to be adopted across the industry," said Mike Bixby, Co-Chair of the Credit Reporting Work Group, former Member of the MISMO Board of Directors and President of Bixby Consulting Inc. - EHereNow.

The Reissue Recommendation document is currently available for download on the MISMO website. This document content is also included as Chapter 9 of the updated "MISMO XML Implementation Guide: Credit Reporting - Version 2", which will also be available on the MISMO web site's Implementation Guide web page.

Please select the Related Document to visit the MISMO Implementation web page.

Contact ALTA at 202-296-3671 or communications@alta.org.