Low cost analysis and interactive simulator instructs brokers and borrowers on strategies to increase credit scores

SAN DIEGO, CA (October 1, 2003) – 1 Source Data, which provides technology and services to the financial lending industry, announced today that it has integrated Credit Analyzer re-score simulator into its Origination Tools Software Suite. Providing brokers with a powerful tool for raising borrowers credit scores, Credit Analyzer gives busy loan originators a cost-effectively way to qualify more borrowers and close more loans.

Credit Analyzer uses a borrower’s credit report to produce a special analysis and listing of potential erroneous entries, highlighting trade lines where applicants should take action to improve their credit scores. The real-time, interactive re-score analyzer vividly demonstrates the impact of recommended actions by showing the estimated score increase resulting from the recommended actions.

“In any market, brokers and loan originators need help showing borrowers the steps to improve their credit scores,” said John Merrill, 1 Source Data’s President. “Credit Analyzer’s graphic reports and real-time simulator are so effective, they help brokers build stronger relationships with their borrowers and get loan approvals faster. We think the improved service will mean more referral business for our clients.”

Credit Analyzer is designed to help loan originators become trusted client advisors, by coaching borrowers through a variety of "what if” scenarios that can lead to the ideal loan. The on-line, real-time simulator vividly displays the estimated credit score increases of recommended actions, and helps borrowers build cost effective credit improvement scenarios. As a result, borrowers qualify for a wider variety of loan products, giving the broker greater flexibility.

About 1 Source Data

Headquartered in San Diego, California, 1 Source Data is a leading provider of integrated technology and service solutions for the financial lending industry. Technology solutions include Origination Tools, an integrated Internet based platform to support fast, accurate credit decisions, and Virtual Loan Agent, an Internet-based credit decision making tool for automatic consumer finance loan approval. Service offerings include quickly removing erroneous credit information from borrower files, income verification for self-employed borrowers and same-day trade line verifications. 1 Source Data’s technology handles more than 800,000 new borrower files a month and is used by hundreds of lenders across the nation.

 

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