7 Mortgage Welcomes New Investor

Posted on February 4, 2022February 4, 2022 by BigWheel

Consumer Credit Union (CCU) has finalized an investment in CU Community, LLC, dba 7 Mortgage, a credit union service organization (CUSO) based in Knoxville, TN. The investment from the credit union will make the organization a minority owner in 7 Mortgage. 7, LLC, the wholly owned holding company of ORNL Federal Credit Union, will remain majority owner.CCU, based in Greeneville, TN, has been a client of 7 Mortgage since 2007, joining as one of the first partner credit unions of the CUSO. Established in 2003, 7 Mortgage is licensed in seven states and provides mortgage services to its partner credit unions, with a goal of helping credit unions like CCU become full service providers to their members.

“Consumer Credit Union has been one of the longest tenured clients of 7 Mortgage and we are thrilled to have them now join us as owners to further the mission of helping credit unions deliver much needed mortgage services to credit union members throughout the Southeast,” said Wendy Robinson, President of 7 Mortgage.

Stephen Cutshall, SVP & Chief Mortgage Officer of CCU, will join the Board of Managers of 7 Mortgage. “7 Mortgage provides services that allow Consumer Credit Union to become more efficient in its lending process through scale. In a business where relationships matter, we are pleased in partnering with 7 Mortgage. As owners, we look forward to the continued success together with them,” said Cutshall.

About Consumer Credit Union

Consumer Credit Union is a non-profit, cooperative savings and lending organization chartered by the Tennessee Secretary of State in February 1953. With over $555 Million in assets, Consumer Credit Union serves 36,000 members who live, worship, volunteer, attend school in, or work for a business located in Anderson, Blount, Claiborne, Cocke, Greene, Hancock, Hamblen, Jefferson, Knox, Loudon, Sullivan, Union, and Johnson City, Tennessee. www.consumercreditunion.com

About CU Community, LLC dba 7 Mortgage

CU Community, LLC dba 7 Mortgage is a credit union service organization established in 2003 by ORNL Federal Credit Union with the fundamental purpose of developing an outstanding platform of mortgage services for the credit union industry. 7 Mortgage is licensed in Alabama, Georgia, Kentucky, Mississippi, Tennessee, Virginia, and Florida. Rooted in the seven cooperative principles, 7 Mortgage is made of experienced credit union people with the passion, insight, and skills to help credit unions and their members thrive. www.7.coop

7 Mortgage Welcomes New Partners

Posted on November 19, 2021November 19, 2021 by T Wright

The 3rd quarter of 2021 was very busy as 7 Mortgage welcomed three new Tennessee credit union clients. Southern Credit Union (Chattanooga), Knox County Employees Credit Union (Knoxville), and Healthcare Services Federal Credit Union (Chattanooga) all signed on to provide core financial/mortgage services to their membership. In doing so, these credit unions will have the ability to grow their balance sheets and drive much needed net income; while fostering deeper relationships resulting in greater share-of-wallet.

“We are thrilled to welcome these three new credit unions into our family. We exist to help members realize the dream of homeownership while helping smaller credit unions compete, thrive, and survive. By continuing to sign new partners, we are fulfilling that mission everyday.” said Wendy Robinson, President of 7 Mortgage.

Partner credit unions of 7 Mortgage have access to an a la carte menu of products and services which are tailored to the needs of the credit union. In addition to a robust state of the art and white labeled point-of-sale online mortgage application, 7 Mortgage provides contract origination, processing, underwriting, compliance, and system support for either portfolio or secondary market lending.

About 7 Mortgage:

7 Mortgage is a Credit Union Service Organization (CUSO) based in Knoxville, TN and licensed in seven states: Tennessee, Mississippi, Alabama, Georgia, Kentucky, Virginia, and Florida. 7 Mortgage is rooted in the seven principles of the cooperative movement and run by credit union people with a passion to help credit union people.

Contact:

A.J. Holst

Business Development Manager

aholst@7.coop

865.560.7471

www.7.coop

7 Title President Wins Hugh Watson Award

Posted on July 6, 2021July 1, 2021 by BigWheel

The Southeast Regional Credit Union Schools (SRCUS) organization recently announced that Chris Outland has been awarded the 2021 Hugh Watson award at this year’s session of the Southeast CUNA Management School. Selected by vote of his classmates, Outland was chosen to receive this award based on his exceptional contributions to the class as a whole over the three years of SRCUS and his outstanding leadership skills.

Chris Outland currently serves as the President of 7 Title. 7 Title is a title company and Credit Union Services Organization (CUSO) jointly owned by ORNL Federal Credit Union & Y12 Federal Credit Union. Chris began his credit union career in 2013 as the Mortgage Processing Supervisor for 7 Mortgage, a wholly owned CUSO of ORNL FCU. He took on the role of Title Manager of 7 Title in 2014, then transitioned into his current role of President in 2016. Prior to 2013 Chris spent over 20 years in the consumer finance industry, mostly in the role of Branch Manager where he gained valuable experience in all facets of managing a team and running a business. Chris was born, raised and continues to live in Knoxville Tennessee, less than an hour drive from the Great Smoky Mountains. He enjoys spending time with his wife Ginger and his three children Jacob, Elijah and Ella.

“SRCUS is a unique and dynamic opportunity to improve your skills as a leader and learn more about the credit union you work for, as well as the credit union industry in general,” noted Outland. “The curriculum is great, but what makes this school unique is the opportunity to meet and bond with other impressive credit union professionals. The friendships made turn into meaningful, lasting relationships. Additionally,SRCUS gives you many opportunities to put yourself into your “stretch zone” where personal growth happens. I went into it telling myself “I’m just going to press forward and take advantage of everything this experience has to offer” and I was paid back tenfold,” explained Outland.

Seven years ago, SRCUS instituted the “Hugh Watson Award” to recognize an outstanding third year student and to honor the retirement of Hugh Watson from SRCUS. Watson joined the SRCUS faculty in 1971 and during his tenure, he taught in all 3 years, served as academic coordinator and facilitated the 3rd year simulation for 43 years. Upon his retirement from SRCUS, the Hugh Watson Award was instituted to honor the 3rd year student whose service to SRCUS has been closest to that exemplified by Dr. Hugh Watson. Since 1970, the SRCUS Southeast CUNA Management School has equipped graduates with the skills and knowledge to meet the leadership challenges that arise in the credit union industry. The curriculum develops students’ operational, managerial and leadership abilities as they receive advanced academic instruction on a variety of topics including management, leadership, and financial analysis. Students also apply the knowledge gained from the on-site sessions to projects that require strategic analysis of their credit unions and research of relevant issues facing the credit union industry. Graduation from the Southeast CUNA Management School is recognized throughout the credit union industry as a prestigious mark of achievement. Upon successful completion of the program, students received a graduation diploma issued in conjunction with the University of Georgia Center for Continuing Education. For more information on the Southeast CUNA Management School, visit www.srcus.org/management.

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About SRCUS: Southeast Regional Credit Union Schools (SRCUS) is a collaboration of seven southeastern credit union leagues, including the Carolinas Credit Union League, Kentucky Credit Union League, League of Southeastern Credit Unions & Affiliates, Louisiana Credit Union League, Mississippi Credit Union Association, Tennessee Credit Union League, and Virginia Credit Union League. Through collaboration with CUNA and Affiliates, the first SRCUS Management School was established in 1970. In addition to the management school, SRCUS also hosts an annual Director’s Conference, which provides a full range of informative educational sessions about critical issues important to today’s ever-changing financial industry for credit union directors and committee members. For more information, visit www.srcus.org.

Safe + Sound Sweepstakes Rules

Posted on November 6, 2020November 6, 2020 by Chris Boler

7 Insurance Safe + Sound Sweepstakes
Official Facebook Giveaway Rules & Regulations Updated 11-6-2020

NO PURCHASE IS NECESSARY TO ENTER OR WIN. YOU DO NOT NEED TO LIKE/FOLLLOW OUR FACEBOOK PAGE TO ENTER OR WIN. ACCOUNTS OR POLICIES WITH 7 INSURANCE ARE NOT REQUIRED TO ENTER OR WIN. LIKING/FOLLOWING OUR FACEBOOK PAGE AND OR ACCOUNTS/POLICIES WITH 7 INSURANCE DOES NOT INCREASE THE CHANCES OF WINNING.

This giveaway is in no way sponsored, endorsed or administered by, or associated with Facebook. You understand that you are providing your information to 7 INSURANCE and not to Facebook.

Eligibility: This giveaway is open only to: permanent Tennessee residents ages 21 and older. 7 INSURANCE and its subsidiaries, affiliates, advertising and promotion agencies, partners, representatives, agents, successors, assigns, employees, officers, and directors and any and all personnel with any existing or prior business relationship/partnership/agreement with 7 INSURANCE AND relatives of all groups listed above are ineligible to enter or win.

Agreement to Rules: By participating, the contestant “You” agree to be fully unconditionally bound by these Rules, and You represent and warrant that You meet the eligibility requirements. In addition, You agree to accept the decisions of 7 INSURANCE as final and binding as it relates to the content of this giveaway.

Giveaway Period: Entries will be accepted starting 11/9/2020 12:01AM EST and ending 12/22/2020 11:59PM EST for the Grand Prize – a Nest Cam Outdoor and Nest Hello Video Doorbell. All entries must be received by 12/22/2020 11:59PM EST.

How to Enter: The Grand Prize giveaway may be entered by liking a 7 INSURANCE giveaway post, and again (additional entries) by commenting on (with images or text) posts provided at [https://www.facebook.com/7InsuranceAgency/]. The entry must fulfill all giveaway requirements, as specified on posts, to be eligible to win the prize. Entries that are incomplete or do not adhere to the rules or specifications may be disqualified at the sole discretion of 7 INSURANCE

Alternate Entry: Alternate entry is available by sending a letter or postcard with paid postage and the following information [7 INSURANCE Safe Travels Giveaway, Full Name, Address, Email Address, Phone Number] to:

7 INSURANCE
Attn: Jerry Tweeten
RE: Safe + Sound Sweepstakes
530 East Emory Rd.
Powell, TN 37849

Alternate entries must be postmarked by 12/22/2020 and received by 11:59PM EST on 12/20/2020.

7 INSURANCE shall have no liability for Winner(s)’s failure to receive notices due to spam, junk e-mail or other security settings or for Winner(s)’s provision of incorrect or otherwise non-functioning contact information. If Winner(s) cannot be contacted, is/are ineligible, fail(s) to claim the prize within 30 days from the time award notification was sent, or fail(s) to timely return a completed and executed declaration and release as required, the prize(s) may be forfeited, and an alternate Winner(s) selected. Receipt by Winner(s) of the prize(s) offered in this giveaway is conditioned upon compliance with any and all federal, state, and local laws and regulations.

ANY VIOLATION OF THESE OFFICIAL RULES BY WINNER (at 7 INSURANCE sole discretion) WILL RESULT IN WINNER’S DISQUALIFICATION AS WINNER OF THE CAMPAIGN, AND ALL PRIVILEGES AS WINNER WILL BE IMMEDIATELY TERMINATED.

Prizes: The giveaway Grand Prize is a Nest Cam Outdoor and Nest Hello Video Doorbell valued at $199 and $229 respectively with a total value of $428. 7 INSURANCE reserves the right, in its sole discretion, to modify or substitute the giveaway prize(s) at any time, for any reason.

Methodology and Selection of Prize Winner: All eligible entries (liked posts, liked page or commented with text or image) will be eligible for a random drawing to award the grand prize winner. The grand prize winner will be drawn at random from all users who entered and awarded upon completion of the contest on 12/22/2020.

Rights Granted by You: By entering this giveaway (e.g., photo, text, etc.), You understand and agree that 7 INSURANCE, anyone acting on behalf of 7 INSURANCE, and 7 INSURANCE licensees, successors, and assigns, shall have the right, where permitted by law, to print, publish, broadcast, distribute, and use in any media now known or hereafter developed, in perpetuity and throughout the World, without limitation, your entry, name, portrait, picture, voice, likeness, image, statements about the giveaway, and biographical information for news, publicity, information, trade, advertising, public relations, and promotional purposes, without any further compensation, notice, review, or consent.

Terms & Conditions: 7 INSURANCE reserves the right, in its sole discretion, to cancel, terminate, modify or suspend the giveaway should virus, bug, non-authorized human intervention, fraud, or other cause beyond 7 INSURANCE control corrupt or affect the administration, security, fairness, or proper conduct of the giveaway. In such case, 7 INSURANCE may select the Winner(s) from all eligible entries received prior to and/or after (if appropriate) the action taken by 7 INSURANCE. 7 INSURANCE reserves the right, in its sole discretion, to disqualify any individual who tampers or attempts to tamper with the entry process or the operation of the giveaway or website or violates these Terms & Conditions. 7 INSURANCE has the right, in its sole discretion, to maintain the integrity of the giveaway, to void entries for any reason. Any attempt by an entrant to deliberately damage any website or undermine the legitimate operation of the giveaway may be a violation of criminal and civil laws. Should such attempt be made, 7 INSURANCE reserves the right to seek damages to the fullest extent permitted by law.

Limitation of Liability: By entering, You agree to release and hold harmless 7 INSURANCE and its subsidiaries, affiliates, advertising and promotion agencies, partners, representatives, agents, successors, assigns, employees, officers, and directors from any liability, illness, injury, death, loss, litigation, claim, or damage that may occur, directly or indirectly, whether caused by negligence or not, from: (i) such entrant’s participation in the giveaway and/or his/her acceptance, possession, use, or misuse of any prize or any portion thereof; (ii) technical failures of any kind, including but not limited to the malfunction of any computer, cable, network, hardware, or software, or other mechanical equipment; (iii) the unavailability or inaccessibility of any transmissions, telephone, or Internet service; (iv) unauthorized human intervention in any part of the entry process or the giveaway; (v) electronic or human error in the administration of the giveaway or the processing of entries.

Disputes: THIS giveaway IS GOVERNED BY THE LAWS OF TENNESSEE WITHOUT RESPECT TO CONFLICT OF LAW DOCTRINES. As a condition of participating in this giveaway, participant agrees that any and all disputes that cannot be resolved between the parties, and causes of action arising out of or connected with this giveaway, shall be resolved individually, without resort to any form of class action, exclusively before a court located in Tennessee having jurisdiction. Further, in any such dispute, under no circumstances shall participant be permitted to obtain awards for, and hereby waives all rights to, punitive, incidental, or consequential damages, including reasonable attorney’s fees, other than participant’s actual out-of-pocket expenses (i.e. costs associated with entering this giveaway). Participant further waives all rights to have damages multiplied or increased.

Sponsor: The Sponsor of the giveaway is 7 INSURANCE. By entering the giveaway, You, the contestant, have affirmatively reviewed, accepted, and agreed to all of the Official Rules.

DOWNLOAD CONTEST RULES

7 Mortgage Implements OpenClose’s LOS & POS to Support Its Network of Credit Union Members

Posted on August 12, 2020August 19, 2020 by BigWheel

KNOXVILLE, Tenn., Aug. 12, 2020 (SEND2PRESS NEWSWIRE) — 7 Mortgage, a credit union service organization (CUSO), announced that it went live with OpenClose’s end-to-end loan origination system (LOS) allowing its partner credit unions to leverage the mortgage industry’s leading technology. The OpenClose solution allows 7’s CUSO members to efficiently and effectively complete mortgage loans – from start to finish – via a centralized platform rated #1 by multiple independent studies.

A subsidiary of ORNL Federal Credit Union (ORNL FCU), 7 Mortgage successfully launched OpenClose’s LenderAssist™ LOS and ConsumerAssist™ POS in July, delivering an enriched digital mortgage experience for both partner credit unions and the members they serve. 7 Mortgage now offers an array of new features, further distinguishing itself as a premier CUSO for residential mortgage lending.

“I am excited to convert our clients to OpenClose because it offers versatility, a fresh, modern look and sports a user-friendly format,” said Chris Boler, 7 president and CEO. “7 is dedicated to making credit unions stronger through collaboration. By offering a top-tier product like OpenClose to our partners, we are helping our members and our industry thrive.”

7’s credit union members have access to OpenClose’s award-winning platform, which includes a robust digital mortgage point-of-sale solution; a comprehensive, 100 percent browser-based LOS; a flexible, natively built product and pricing engine (PPE); business intelligence and analytics software (BI); mobile device functionality extension; and a RESTful API suite for simple, cost effective integrations.

OpenClose offers a uniquely consolidated digital POS and LOS, along with additional capabilities – all via a single-source software provider, driving real-time member engagement and collaboration throughout the mortgage loan process.

“We are pleased to welcome 7 Mortgage as a new OpenClose partner and are confident its members will gain many benefits from our platform,” said Vince Furey, CRO at OpenClose. “Our LenderAssist LOS brings new efficiencies to the table, which transforms mortgage lending for credit unions into an easier, streamlined, member centric process.”

Using the new solution, 7 and its members are expected to benefit from OpenClose’s #1 rated customer service, better connectivity, reduced operating costs, quicker turn times and expanded options by which to conduct business.

About 7:

Rooted in the seven principles of the credit union movement, 7 is a wholly owned credit union service organization (CUSO) of ORNL Federal Credit Union (FCU) in Oak Ridge, TN. 7 Mortgage, 7 Title, and 7 Insurance are included under the CUSO’s umbrella. 7 Mortgage has 26 credit union partners and is licensed in 6 states. The mortgage company specializes in offering tailored mortgage solutions to credit unions throughout the Southeast. For more information, visit 7.coop or call (865) 564-7465.

About ORNL Federal Credit Union:

Chartered in 1948, ORNL FCU is a not-for-profit financial cooperative locally owned and operated by its members for the benefit of all who belong. ORNL FCU represents over 175,000 members and $2.5 billion in assets and serves members and businesses in 19 counties of East Tennessee. For more information, visit ornlfcu.com or call (865) 688-9555.

About OpenClose:

Founded in 1999 and headquartered in West Palm Beach, Florida, OpenClose® is a leading enterprise-class, multi-channel loan origination system (LOS), POS digital mortgage and fintech provider that cost effectively delivers its digital platform on a software-as-a-service (SaaS) basis. The company provides a variety of innovative, 100 percent web-based solutions for lenders, banks, credit unions, and conduit aggregators. OpenClose’s core solution, LenderAssist™, is comprehensive loan origination software that is completely engineered by OpenClose using the same code base from the ground up. The company offers a RESTful API suite that standardizes system-to-system integrations, making them easier to develop, quicker to implement and more cost effective. OpenClose provides lending organizations with full control of their data and creates a truly seamless workflow for complete automation and compliance adherence. For more information, visit https://www.openclose.com/ or call (561) 655-6418.

Media Contacts:

Chris Boler
7, President/CEO
865-560-7499
cboler@7.coop

Joe Bowerbank
Profundity Communications, Inc. for OpenClose
949-378-9685
jbowerbank@profunditymarketing.com

Social Media:
@OpenClose_LOS @7Mortgage #CreditUnionsLOS #CreditUnionsLoanOriginationSoftware #CreditUnionsMortgageAutomation #Mortgage #TitleCompany #Insurance #CreditUnions #CUDifference #RealEstate #EastTennessee #Knoxville #KnoxRocks #KnoxvilleTN #KnoxvilleRealEstate #KnoxvilleRealtor #BuyingAHome #FirstTimeHomebuyer #HomeClosing

Alabama Credit Union Selects 7 Insurance

Posted on June 9, 2020June 9, 2020 by BigWheel

PRESS RELEASE June 9^th 2020 | Knoxville, TN

Alabama Credit Union, along with its credit union service organization Alabama Credit Union Insurance Services (ACUIS), has partnered with 7 Insurance to offer insurance services to its 93,000+ members. Alabama Credit Union, ACUIS, and 7 Insurance share a common commitment to the credit union industry and believe strongly in offering solutions which help members prosper. The partnership is aimed at enhancing the member experience by giving Alabama Credit Union members easy access to affordable insurance services from trusted industry professionals.

“Through collaboration and sharing of best practices, we can change the way insurance products are traditionally prospected, processed, and delivered to the member within the credit union space,” said A.J. Holst, Business Development Executive for 7.

ABOUT ALABAMA CREDIT UNION

P 888.817.2002 // AlabamaCU.com // ACUInsuranceGroup.com // ACUInsurance@alabamacu.com

Alabama Credit Union and ACU Insurance Group represents 93,000+ members and over $1 Billion in assets. Chartered in 1956 to serve the University of Alabama, its member base now serves communities across Alabama and into the panhandle of Florida. Alabama Credit Union has 32 branch locations. Visit www.AlabamaCU.com to learn more.

ABOUT 7 INSURANCE

P 865.859.0591 // TF 866.904.5147 // info@7insurance.com

Rooted in the seven cooperative principles, 7 Insurance is a financial partner created by credit union people for credit union people. Headquartered in Oak Ridge, TN, 7 Insurance is a jointly owned credit union service organization (CUSO) of ORNL Federal Credit Union and Y-12 Federal Credit Union. 7 Insurance represents several top-rated carriers to offer a full line of personal and commercial insurance solutions to members. Visit https://www.7.coop/insurance/ to learn more.

MEDIA CONTACTS

Alabama Credit Union Insurance Services

- Tommy Cobb, President
- 205.469.5222 // TCobb@AlabamaCU.com

7 Mortgage | Title | Insurance

- Chris Boler, President & CEO
- 865.560.7499 // cboler@7.coop

Credit Union Package of Protection

Posted on February 6, 2020February 6, 2020 by BigWheel

When did you last shop and compare your Credit Union Package of Protection?

Many credit unions have never obtained an alternative quote for coverage, service, or price.

How do you know you are properly insured?

Do your Bonds, E&O, P&C, D&O, Work Comp, etal. meet your current needs?

Have you added or eliminated real estate holdings, out-grown your limits of liability or increased overall assets since your original policy issue?

Has your current provider reviewed your policy and coverage in last 12 to 24 months and made recommendations?

Are you looking for alternative professional insurance provider?

7 Insurance, a collaboration between Y-12 FCU and ORNL FCU and winner of the 2017 NACUSO CU Collaboration and Innovation Award, wants to be your insurance resource.

https://www.nacuso.org/2018/01/17/spotlight-on-7-insurance-president-jerry-tweeten/

We save our current credit unions money, provide them you with the proper levels of coverages, and deliver the best service in the industry.
Find out why 7 Insurance and the family of 7 Companies are different.

7 Mortgage | Title | Insurance – powered by the 7 Cooperative Principals

Please contact A.J. Holst, Business Development Executive, to schedule a no-obligation review of your coverages and complimentary quote.

aholst@7.coop

865-560-7471 office
865-254-4495 mobile

Who picks the Title Company?

Posted on March 26, 2019 by Chris Boler

I was at a networking event recently and during the break, after I spoke about our title company, someone asked me “who picks the title company?” The answer is the consumer has the right to choose the title company but in most cases they defer to either the real estate professional or the mortgage professional with whom they have been working. Your average person only needs a title company once every 5-10 years so it’s rare to have an established relationship already built. This is why the Real Estate Agent or Mortgage Loan Officer is often looked upon to guide consumers where to go for their title needs.

As consumers we are trained to comparison shop for most things in our life. Before we purchase a flat screen TV at Target we are on our phones seeing what it costs at Wal-Mart. This mindset is even more prevalent when entering into the process of obtaining a mortgage loan. Shopping interest rates and mortgage closing costs are engrained in our minds because it’s such an important decision; however when it comes to title services most people don’t think to comparison shop.

At 7 Title we take a lot of pride in saying we are one of, if not the most reasonably priced title companies in the area. We don’t issue this statement lightly and without being informed. On an annual basis we do a pricing review of our biggest competitors in the market. All title companies have the same basic suite of services, but the charge for those services can vary quite a bit from company to company. From that review we adjust our fees accordingly with an eye on making sure we bring our clients the most value.

If you are a real estate or mortgage professional and you are already referring business to 7 Title, Thank you!! We appreciate the trust you have placed in us to bring value to your clients.

If you are a real estate or mortgage professional and you aren’t referring business to 7 Title, reach out to us! We have an approach to doing business that we are proud of and would like to share it with you.

If you are a consumer in the process of buying, selling or refinancing a home or you are in need of some real estate title advice, reach out to us at 7 Title. You can do so with the peace of mind knowing that whatever the cost of the service you need, we have made sure that you are paying a fair price.

Nicole Squibb joins 7 Title

Posted on March 15, 2019March 15, 2019 by Chris Boler

In February 2019, Nicole Squibb joined 7 Title as Operations Supervisor. Nicole has been in the financial services and mortgage industry for the past 12 years of her career serving in a leadership capacity in 6 of those years. She brings a lot of talent with her as she takes on this new role.

The role of Operations Supervisor is an important one within the organization as Nicole will oversee the quality and level of service being delivered to clients and business partners. Nicole will also be a key contributor in the effort to utilize technology to keep 7 Title up to date with enhancements that are available in the market.

Please join us in congratulating Nicole on her addition to the 7 Title team and the new role within her career!

Understanding Credit Reports

Posted on January 31, 2019 by Chris Boler

Credit Reports are an important tool used by the industry to get a snapshot of your financial history. Understanding the process for reviewing, disputing, and resolving information on your report is a critical part of your financial health.

What’s in your Credit Report?

Credit Reports are usually only reviewed when people are planning a major upcoming life event. Obtaining a mortgage or consumer loan, applying for a credit card, background check for employment, being the victim of identity theft, and obtaining or changing insurance policies are all things that could trigger a review of your credit report. Many of us treat our credit reports as “out of sight, out of mind”. Experts say that is a mistake. Your credit report details how you handle your debt and is used by lenders to determine how big of a risk you are when lending you money. The information in your report leads directly to your credit score (a three-digit number) which is a big factor in determining interest rates, terms, and other aspects of any loan. Reviewing your report at least once a year can help you negotiate better terms by being educated on what to expect from any lender.

Here are a few things to know about credit reports:

Annualcreditreport.com is the only government-authorized website for the free annual credit report that you are guaranteed by law. Experian, TransUnion, and Equifax are the three major credit bureaus. It’s important to know the different bureaus are used by each lender, so pulling from all three will give you access to ALL of your information and verify the information is accurate. Requesting your information online is very straightforward and is as simple as providing basic data such as your name, address (both past and present), social security number, date of birth, etc.

Credit reports include four sections:

Identifying information: This is where you will find your name, social security number, current and former addresses, phone number and other personal information.
Credit history: This is your complete borrowing history, including every loan you’ve ever had and whether you paid on time. You’ll also find information such as creditor names, account activity, account number, credit limit, minimum monthly payment and current balance.
Public Records: This is where negative credit information like bankruptcies, liens and court judgments are listed. Negative information can remain on your report for up to seven years. Keeping items off this section is a key part of maintaining a high score.
Inquiries: This is triggered when your credit report is pulled. Inquiries fall into two categories: hard pull or soft pull. Hard pull inquiries are when potential lenders pull your report when you apply for a loan. They can temporarily lower your credit score by up to five points. Soft pull inquiries are when a person or company checks your report as part of a background check. Soft inquiries don’t affect your credit at all, so don’t worry about frequently checking your own credit reports.

Things to look for: According to the Consumer Financial Protection Bureau, be on the lookout for these common reporting mistakes:

Identity errors: Is there a phone number, address or name you don’t recognize?
Accounts that don’t belong to you. Occasionally someone else’s information with a similar name could inadvertently appear on your report.
Accounts opened as a result of identity theft.
Incorrect account status: This includes closed accounts reported as open, you being listed as an account owner rather than authorized user, duplication of debt, and/or wrong opening, payment or delinquency date.
Right account number but wrong balance or credit limit listed. (Keep in mind your balance is fluid so this could simply be the result of when the report was pulled)

How to fix errors: First, you’ll want to contact the credit bureau that has the error. This can be accomplished online, over the phone, or by mail. Always keep good records and copies regardless of the method you choose. Explain in detail why the information is wrong and include copies of any supporting documentation. Once it is received the bureaus will, in general, investigate and respond within 45 days. If for any reason your dispute is ruled “frivolous” you’ll be notified within five days. This can happen if someone tries to dispute clearly accurate information and is simply trying to “game” the system. In the case of a factual error you will also want to file a dispute with the company that made the mistake so they can provide updated information to the credit bureaus. If they made the error, it is their responsibility to contact the credit bureaus and provide the corrected information.

If the investigation is not in your favor, you have two choices.

Ask that your disputed claim summary be included in your credit report, or
File a complaint with the CFPB at www.consumerfinance.gov/complaint.

Maintaining an accurate Credit Report begins with simply reviewing it on a yearly basis. This will help you obtain favorable financing, get discounts on insurance products, and improve your overall financial health.